Managing payroll worldwide is a complicated task … Papaya Global Calendar…
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Over the last five or six years …Papaya Global Calendar… roles on the provider side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everyone another couple of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be quite intriguing and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business maintain different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Worldwide payroll payments as a strategic property uh we’ll likewise go over a wrap-up and that must leave his time at the extremely extremely 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 Worldwide workforces end up being more and more common and managing them ends up being increasingly more complex Global companies are looking to discover Solutions and new ways to improve processes specifically from a payroll and cross-border payment viewpoint lots of organizations preserve separate savings account just for payroll while some have multiple accounts in various nations does it make sense for companies to maintain separate bank accounts in some cases in various countries it does however 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 enhance the episode complex procedures of
making payroll payments properly efficiently safely and on time during this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one country but when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most notably regulations compliance data security and banking guidelines then there are the sheer numbers they include further complexity the international Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals 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 all over the world in the standard payroll model there’s often an overwhelming variety of different systems resulting in time-consuming manual processes and silos the number of Integrations could be non-existent in big amounts and or really extremely fundamental there’s no genuine consistency structure we’re living in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper which simply blows my mind each time I I think
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Workforce data in real time that’s another number that gives me sleepless nights and rather frankly the more a business spends on international payroll the less of an image they see a lack of exposure likewise encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction nearly half of international organizations have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data information entry mistakes inadequately interacted hires and terminations as well as absence management and system setups and after that when you round everything off and the data is shipped to the incorrect location the average cost of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments don’t run smoothly if they depend on the essential multiple processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges company face when they’re paying to staff members or otherwise that’s a good question I always toss this back and say what is it what does not require to be included ideal and what does
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it require 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 amount of time 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 customer’s own in-country account so there’s intricacy anywhere you look ideal eventually constructing a knowledge base is absolutely vital 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 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 definitely basic and technology is permitting us to type of move on with that it likewise too to add to that payroll and financing require to work closer together um with differing Savings account Details varying banking requirements and setup processes is definitely necessary that payroll and financing teams work better together than ever um I’m constantly astonished when individuals say I have actually divided 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 calculation 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 data collection all the way through to paying individuals any place they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of crucial to add to type of the level of complexity there’s more and more advantages being organ or being used by businesses across the world so again you’re simply wanting to add a growing number of payments to this currently intricate 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 obstacles or real tough kind of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would certainly state that the bigger 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 info 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 require to be the case you know long gone are the times where we require to create additional handoffs in the processes that we operate in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an age that you know that we are working in today there is no reason why we are still making this as hard as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any business has from a cost point of view from an effect point of view on employees 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 greatest detrimental result on individuals’s wellness and lots of other elements if people aren’t paid uh I’ve constantly been surprised entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this kind of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this things is done properly so leveraging the first International Payments first payroll payment service is a great initial step um providing an end-to-end payroll option for your employees internationally again I believe is another huge um process once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely key to success success of businesses and lowering the number of tools platforms and savings account they require for their International payroll too couldn’t 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 anticipate 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 suggested to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand 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 simple as possible for everybody that’s involved in those processes and also so envision sorry I’m just I was just gon na say envision the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make sure we’re speaking about hundreds of thousands potentially Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to look through them and really see what was going on and type of shot to return to everyone so carrying on appearance why do business choose to primary separate checking account there are Papaya Global Calendar services out there doing precisely this for particular countries and I have actually worked in a service or many businesses doing precisely 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 creating additional work for anybody where we don’t have to and anyone that’s handling that procedure 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 lots of reasons one is it’s the standard I believe individuals have got so used to we need a new checking account we open an entity and rightly so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard individuals have actually embraced and continue to do over years and years passed by to add to that people have 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 procedure that requires taking a look at it needs altering however ultimately individuals are very stuck to what they’re familiar
with ideal um change is a difficult thing we all do not like modification um so I think it’s simply type of moving far from the standard as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having keeping multiple bank accounts however there’s a huge quantity of complexity chooses establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private people so the intricacy is substantial but I believe the honest answer is change um people haven’t had the ability to alter or haven’t had necessarily the knowledge to really make that change into alternate Solutions aside from opening a bank account I think you have actually hit the nail on the head I believe it is knowledge you know and there is a component of resistance to alter however we have actually always done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to keep an eye on and this approach does position a number of difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you switched 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 Global employees you deserve a corner workplace with a better parking space due to the fact that I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Calendar
I discover time and time again the workers often misclassified unconsciously they don’t understand the conditions of work or agreement and are informed by the client why it’s optimum primarily to the customer why you ought to be employed or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities of the employee can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have actually gone by they have not contributed to pensions And so on so it’s a big effect that they never ever knew they were walking 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 getting insurance against misclassification but normally premiums are only covering the expense of legal charges whilst the typical claim evaluated versus employers relates to to 40 or 50 percent of the base pay of worker is there any point in taking out 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 penalty 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 saying is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK