Handling payroll internationally is a difficult job … Papaya Global Courses Edinburgh…
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Over the last 5 or six years …Papaya Global Courses Edinburgh… functions on the provider side and also on the supplier side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just give everybody another couple of uh well among 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 fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everyone comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really dreary and I wish I was somewhere else at this moment in time all right so let’s get going our program for today is as follows um we are going to be looking at the difficulty years of managing International payroll why business preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts streamlining papaya Global payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that should leave his time at the very very end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become increasingly more typical and managing them becomes increasingly more complicated International organizations are aiming to find Solutions and brand-new ways to streamline processes specifically from a payroll and cross-border payment viewpoint numerous companies keep different savings account just for payroll while some have numerous accounts in different nations does it make good sense for business to maintain separate bank accounts sometimes in various nations it does but just for payroll is there a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business improve the episode complex processes of
Ensuring accurate, effective, and prompt payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll costs to optimize working capital, and discover how enhancing international payroll payments can transform them from a burdensome task into a tactical property.
due to numerous policies, compliance requirements, data security issues, and banking rules. The large number of workers and services adds to the complexity, with an approximated 3.5 billion individuals in the global labor force, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems typically lead to manual procedures, information silos, and an absence of combination, resulting in inconsistencies and ineffectiveness. Despite living in an age of technological advancements, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar aims to provide insights and services to streamline and enhance global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleepless nights and rather honestly the more an organization invests in worldwide payroll the less of an image they see a lack of exposure also reaches payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal almost half of global services have actually revealed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry errors inadequately interacted hires and terminations in addition to absence management and system configurations and then when you round everything off and the data is delivered to the wrong place the average cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they depend on the necessary several 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 challenges organization face when they’re making payments to staff members or otherwise that’s a great question I always throw this back and state what is it what doesn’t need to be consisted of ideal and what does
it require to be thought about there’s differing Bank information so the length of an eye band a swift an account number routing code per nation 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 client’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is definitely crucial but everywhere you look with payroll payment they are like extremely payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and innovation is enabling us to sort of move forward with that it likewise as well to add to that payroll and finance need to work closer together um with differing Bank Account Particulars differing banking requirements and setup procedures is absolutely necessary that payroll and finance groups work better together than ever um I’m constantly amazed when people say I have actually divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of important to contribute to type of the level of complexity there’s a growing number of advantages being organ or being provided by services across the world so again you’re simply aiming to add a growing number of payments to this currently complex landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine obstacles or real difficult type of pay uses to play to pay people I believe yeah I imply over the last well yeah a number of years I would certainly say that the bigger an organization 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 teams feeding details into the next function as it were that’s actually handling the payment side of things however you understand in in my opinion and my experience that doesn’t necessarily need to be the case you understand long gone are the times where we need to create additional handoffs in the processes that we run in they simply make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single biggest liability that any company has from an expense perspective from an impact point of view on employees it is definitely important that it’s done properly 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 greatest harmful effect on people’s wellness and numerous other aspects if people aren’t paid uh I have actually always been amazed entering into this Market kind of the last 5 to 10 years is how little thanks the
payroll team get um so I’m not sure anybody on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually 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 believe that’s how it’s seen from the external deem well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a terrific first step um providing an end-to-end payroll service for your employees internationally again I believe is another huge um procedure again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of companies and reducing the variety of tools platforms and checking account they require for their Global 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 had a hundred thousand of 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 grievances where things have not gone rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how crucial a role it is and that’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 everyone that’s associated with those procedures and likewise so imagine sorry I’m just I was just gon na say think of the amount of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions envision getting that many thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing 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 held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and type of try to get back to everyone so proceeding look why do business pick to main separate savings account there are Papaya Global Courses Edinburgh companies out there doing exactly this for specific nations and I’ve worked in a service or lots of companies doing exactly that I can say it does not constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not developing extra work for anybody where we do not have to and anybody that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think individuals have got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and lots of other methods um to to kind of do it so I think there’s a range I think this is a procedure that requires looking at it requires changing but ultimately people are very stuck with what they’re familiar
with best um modification is a difficult thing we all don’t like modification um so I believe it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend undoubtedly the advantages of having keeping numerous checking account but there’s a substantial quantity of intricacy goes with setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for specific individuals so the intricacy is huge however I think the sincere response is modification um people haven’t had the ability to change or haven’t had always the understanding to truly make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I think it is understanding 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 looking at the the advantages and the possibilities of proceeding and moving into you know what could almost be figured out to be the next Century or so there is a lot to monitor and this method does pose a number of difficulties 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 change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has actually gotten another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your achievements. Papaya Global Courses Edinburgh
I find time and time again the workers often misclassified unconsciously they do not comprehend the conditions of work or contract and are told by the customer why it’s optimum primarily to the customer why you ought to be utilized or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected 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 haven’t added to pensions And so on so it’s a huge effect that they never ever knew they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy business are taking out insurance coverage against misclassification but typically premiums are only covering the expense of legal fees whilst the average claim assessed against employers relates to to 40 or 50 percent of the base pay of employee is there any point in securing insurance coverage 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 most of the times I haven’t seen it a minimum of so uh the the other location that I do think 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 coverage on the basis of the reality that you were not in compliance with laws um in the UK