Managing payroll globally is a daunting task … Papaya Global Contact No…
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Over the last five or 6 years …Papaya Global Contact No… roles on the supplier side and also on the supplier side from a payroll perspective so actually looking forward to this discussion today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone comes from and I actually 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 raining here it’s extremely very bleak and I wish I was somewhere else at this moment in time alright so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why business keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also go over a recap which ought to 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 end up being more and more typical and handling them becomes more and more complicated Global companies are wanting to find Solutions and new ways to streamline processes especially from a payroll and cross-border payment viewpoint numerous organizations preserve separate savings account just for payroll while some have numerous accounts in various nations does it make sense for business to maintain separate bank accounts in some cases in various countries it does but just for payroll is there a much better way what function do virtual accounts and digital wallets also known as virtual wallets play in assisting multinational business simplify the episode complex procedures of
Guaranteeing precise, effective, and prompt payroll payments is a complex obstacle for companies operating worldwide. Join us for a webinar to check out the advantages and drawbacks of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to enhance working capital, and find how simplifying international payroll payments can change them from a difficult job into a tactical property.
due to various regulations, compliance requirements, information security issues, and banking rules. The sheer variety of staff members and businesses contributes to the intricacy, with an approximated 3.5 billion individuals in the global labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual procedures, information silos, and an absence of integration, leading to disparities and ineffectiveness. Despite residing in an age of technological developments, payroll management has been slow to adapt, with as much as 25% of payroll still processed by hand, frequently using pen and paper. This webinar aims to supply insights and services to streamline and enhance international payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte only 11 of businesses state they have Labor force information in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on worldwide payroll the less of an image they see an absence of presence also extends to payroll payments and failure to precisely track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international services 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 data data entry errors inadequately communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the information is shipped to the incorrect location the typical cost of a worldwide data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run smoothly if they count on the required numerous procedures 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 difficulties business face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and say what is it what doesn’t need to be consisted of ideal and what does
it need to be thought of there’s differing Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look ideal ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they are like very 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 believe there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is enabling us to sort of progress with that it also too to contribute to that payroll and finance need to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is absolutely important that payroll and finance teams work closer together than ever um I’m always amazed when individuals state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not work in the payroll profession would they split the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so frequently split and cut up um ultimately 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
world we reside in and well-being being a growing number of essential to contribute to kind of the level of complexity there’s more and more advantages being organ or being used by businesses across the world so once again you’re just wanting to include increasingly more 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 sure but have you got any experience in kind of real difficulties or genuine tough type of pay uses to play to pay individuals I think yeah I imply over the last well yeah a couple of years I would absolutely say that the bigger a business gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding information into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always need to be the case you understand long gone are the times where we require to create extra handoffs at the same times that we run in they just make them more timely they make them less efficient and they do not make them what they require to be in in an era of tech and an age that you know that we are operating in today there is no reason 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 an expense point of view from an effect perspective on staff members it is absolutely vital 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 destructive effect on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been amazed entering into this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m not 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 employees or not um but ultimately payroll is such a crucial cycle we all become aware of it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the first Global Payments first payroll payment option is an excellent initial step um offering an end-to-end payroll service for your staff members worldwide once again I think is another huge um procedure once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely crucial to success success of organizations and minimizing the number of tools platforms and checking account they require for their Worldwide 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’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the complaints where things haven’t gone quite where they’re suggested to be um I do not believe any of us are actually 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 simple as possible for everybody that’s associated with those procedures and also so envision sorry I’m just I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions think of getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would certainly be an interesting task trying to clean all those up for sure oh absolutely I can’t think of 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 really see what was going on and kind of shot to return to everybody so proceeding look why do companies choose to main different bank accounts there are Papaya Global Contact No companies out there doing exactly this for specific countries and I’ve worked in a business or many services doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing additional work for any person where we don’t need to and any person that’s dealing with that process I ‘d be interested to hear your ideas 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 people have actually got so utilized to we need a brand-new savings account we open an entity and rightly 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 just been the requirement and the norm individuals have adopted and continue to do over years and years gone past to contribute to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a range I think this is a procedure that needs taking a look at it requires changing but ultimately individuals are really stuck to what they recognize
with best um change is a tough thing we all do not like modification um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I comprehend certainly the benefits of having maintaining several savings account however there’s a huge quantity of complexity chooses setting up a checking account keeping it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private individuals so the complexity is huge but I believe the honest answer is change um individuals have not had the ability to change or have not had necessarily the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you’ve struck the nail on the head I think it is understanding you know and there is an element of resistance to alter however we’ve always done it that way is no real reason for not looking at the the benefits and the possibilities of proceeding and moving into you know what might practically be identified to be the next Century or so there is a lot to keep an eye on and this method does pose several challenges um so Johnny might you inform us about those difficulties yeah obviously 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 manage our payroll and payment jobs on one platform. It feels like our CFO has actually gained another CFO, and with this boosted ability, I have successfully secured payments for our 10,000 employees worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You deserve a corner office with a parking space that is better, considering your accomplishments. Papaya Global Contact No
I discover time and time again the employees frequently misclassified unwittingly they don’t comprehend the conditions of work or agreement and are told by the customer why it’s most advantageous generally to the customer why you should be employed or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker 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 passed they haven’t added to pensions And so on so it’s a huge effect that they never knew they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy business are taking out insurance coverage versus misclassification but usually premiums are only covering the cost of legal fees whilst the average claim evaluated against companies equates to to 40 or half of the base pay of employee is there any point in securing insurance and what is the alternative yeah to your point um you do require to read the small print it is not covering the taxes charge and interest in most cases I haven’t seen it at least so uh the the other location that I do believe if you managed to get the protection what we are saying is is that if your compliance program is not up to pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK