Managing payroll worldwide is a challenging task … Papaya Global Customer Success Manager…
How much revenue does the company make? Papaya Global Customer Success Manager
Over the last 5 or six years …Papaya Global Customer Success Manager… roles on the service provider side and also on the supplier side from a payroll point of view so truly looking forward to this conversation today um and yeah thank you very much for your time everyone okay thanks Johnny uh we’ll simply provide everyone another number of uh well among the 30 seconds or so to join we all work back to back these days so we’ll type 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 everybody 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 extremely very bleak and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why business keep different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a wrap-up and that must leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces become a growing number of typical and handling them becomes a growing number of complex International organizations are seeking to find Solutions and new methods to enhance procedures especially from a payroll and cross-border payment viewpoint numerous companies maintain separate savings account just for payroll while some have several accounts in different nations does it make sense for companies to maintain separate bank accounts in some cases in various countries it does but just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex processes of
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for services running internationally. Join us for a webinar to check out the advantages and disadvantages of payroll wallets versus payroll bank accounts, discover how companies anticipate payroll costs to enhance working capital, and find how improving worldwide payroll payments can transform them from a burdensome task into a tactical asset.
due to different regulations, compliance requirements, data security concerns, and banking rules. The large variety of employees and companies contributes to the complexity, with an approximated 3.5 billion individuals in the global workforce, 500 million of whom remain in Africa, and 230 million companies worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and a lack of combination, causing disparities and inadequacies. Despite residing in an age of technological developments, payroll management has been sluggish to adapt, with as much as 25% of payroll still processed by hand, frequently utilizing pen and paper. This webinar objectives to supply insights and services to streamline and optimize international payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of services state they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service spends on worldwide payroll the less of a photo they see a lack of visibility also reaches payroll payments and inability to properly track these payments can lead to compliance mishaps in the last mile of the transaction almost half of international companies have actually revealed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry errors poorly communicated hires and terminations as well as lack management and system configurations and after that when you round it all off and the information is shipped to the wrong location the average cost of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they rely on the essential numerous procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the challenges service 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 doesn’t require to be included right and what does
it need to be considered there’s differing Bank details 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 need to pay from the customer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is absolutely vital but all over you look with payroll payment they resemble very payments no if however some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and innovation is allowing us to kind of progress with that it also too to add to that payroll and finance require to work closer together um with varying Bank Account Particulars differing banking requirements and setup procedures is definitely crucial that payroll and finance groups work closer together than ever um I’m always impressed when people say I have actually divided payroll and payment um if you stroll down the street and asked anybody 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 typically 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 but likewise paying statutory authorities and on statutory third parties so with the
The modern-day world positions a high value on well-being and the compensation landscape is ending up being significantly detailed. Organizations are constantly presenting brand-new advantages and payment options, which contributes to the total intricacy. Large corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this does not have to hold true. In today’s technologically innovative era, there’s no validation for keeping troublesome procedures. Payroll, the business’s biggest expenditure, should be processed properly and on time. Even minor delays can adversely impact employees’ wellness and have far-reaching repercussions. For that reason, it’s critical to prioritize precise and timely payments.
The payroll group may not have been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and individuals just notice when things fail. Nevertheless, when things go right, it’s viewed as simply a regular job. This is how it’s viewed externally too. Therefore, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other important matters are done properly. Using the very first Global Payments very first payroll payment solution is an excellent preliminary action towards supplying a comprehensive payroll solution for workers worldwide. Standardization, worldwide procedures, and lowering the number of tools, platforms, and savings account essential for global payroll are crucial factors in achieving business success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a few complaints when things do not go as planned. Eventually, we don’t do it for the appreciation.
anyhow we know how how important 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 easy as possible for everybody that’s involved in those processes and also so envision sorry I’m simply I was simply gon na state envision the amount of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands possibly Millions envision 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 however it would definitely 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 was the case um you ‘d require days of the week to try to look through them and in fact see what was going on and kind of try to return to everybody so carrying on look why do companies pick to main different bank accounts there are Papaya Global Customer Success Manager organizations out there doing precisely this for specific countries and I’ve operated in a service or many services doing precisely that I can say it does not constantly feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we do not need 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 factors one is it’s the requirement I believe individuals have actually got so utilized to we need a new savings account we open an entity and rightly so you require it for payroll purposes but there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that individuals have taken a look at things like trust accounts and lots of other ways um to to kind of do it so I believe there’s a range I believe this is a process that needs taking a look at it needs changing but ultimately people are very stuck with what they’re familiar
with ideal um modification is a difficult thing we all don’t like change um so I believe it’s just type of moving away from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I understand undoubtedly the advantages of having preserving several bank accounts however there’s a substantial quantity of complexity chooses establishing a bank account preserving it guaranteeing it can send out International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is big but I believe the honest response is change um individuals have not had the ability to change or have not had always the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter but we have actually always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to track and this approach does present a number of challenges um so Johnny could you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business 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 gained another CFO, and with this improved capability, I have effectively protected payments for our 10,000 staff members worldwide. Your commitment to mastering global payroll and payments using Papaya payroll OS is commendable. You should have a corner office with a parking space that is closer, considering your achievements. Papaya Global Customer Success Manager
I find time and time again the employees frequently misclassified unwittingly they do not comprehend the conditions of employment or agreement and are informed by the customer why it’s optimum generally to the client why you ought to be used or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and health care 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 gone by they haven’t contributed to pensions Etc so it’s a big impact that they never knew they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance against misclassification however usually premiums are only covering the cost of legal costs whilst the average claim examined versus companies relates to to 40 or half of the base salary of employee is there any point in getting insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest most of the times I haven’t seen it at least 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 protection on the basis of the fact that you were not in compliance with laws um in the UK