Managing payroll globally is an overwhelming task … Papaya Global Data Import…
How much revenue does the company make? Papaya Global Data Import
Over the last five or six years …Papaya Global Data Import… functions on the company side and also on the vendor side from a payroll point of view so actually eagerly anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll just give everybody another couple 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 intriguing 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 everybody originates from and I really 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 really very bleak and I want I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling Worldwide payroll why companies preserve separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Global payroll payments as a strategic possession uh we’ll likewise review a recap and that ought to leave his time at the very very end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being more and more common and managing them becomes a growing number of complicated Global companies are looking to discover Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment standpoint numerous organizations keep different checking account just for payroll while some have numerous accounts in various nations does it make good sense for companies to maintain separate savings account sometimes in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping international companies simplify the episode complex processes of
making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the global benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately forecast their payroll expenses to increase working capital and how streamlining International payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a variety of factors most significantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add further complexity the global Workforce is presently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing worldwide in the conventional payroll design there’s typically a frustrating variety of various systems leading to time-consuming manual processes and silos the variety of Combinations could be non-existent in big amounts and or really extremely basic there’s no genuine consistency framework we’re living in an era of tech however payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that just blows my mind every time I I think
about it to give you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that gives me sleepless nights and rather frankly the more an organization spends on global payroll the less of an image they see an absence of exposure also extends to payroll payments and failure to precisely track these payments can lead to compliance accidents in the last mile of the transaction nearly half of worldwide companies have actually expressed 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 due to time reporting poor HCM information data entry errors badly interacted hires and terminations as well as lack management and system setups and then when you round all of it off and the information is delivered to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash all over the world payroll and payments don’t run efficiently if they count on the necessary several procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the difficulties company face when they’re paying to employees or otherwise that’s a good question I constantly throw this back and say what is it what does not need to be included best and what does
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 nation there’s payment amount of time 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 intricacy wherever you look best ultimately building a knowledge base is absolutely crucial but all over you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely basic and technology is enabling us to kind of move on with that it also also to contribute to that payroll and financing require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is absolutely necessary that payroll and finance groups work closer together than ever um I’m always astonished when people say I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high value on well-being and the payment landscape is ending up being progressively detailed. Businesses are constantly presenting new advantages and payment choices, which contributes to the overall intricacy. Large corporations typically divide their payroll and payment processing into different teams, which can cause inefficiencies and traffic jams. In my opinion, this doesn’t need to be the case. In today’s technologically sophisticated age, there’s no reason for preserving troublesome treatments. Payroll, the business’s greatest expenditure, must be processed properly and on time. Even minor hold-ups can negatively affect workers’ well-being and have significant effects. For that reason, it’s important to prioritize accurate and prompt payments.
payroll group get um so I’m not sure anybody on this type of webinar has been told 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 staff members or not um however eventually payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s just a tick box exercise 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 stuff is definitely essential that all of this things is done correctly so leveraging the very first Global Payments first payroll payment service is a great first step um providing an end-to-end payroll service for your staff members globally again I believe is another big um procedure again aligning and guaranteeing you have standardization Global processes all of those things are absolutely essential to success success of companies and lowering the number of tools platforms and bank accounts they require for their International 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 ever had a hundred countless them within a payroll cycle do not anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re meant to be um I do not believe any of us are actually doing that for for the thanks
anyhow we understand how how essential 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 processes and also so imagine sorry I’m just I was just gon na say think of the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions envision getting that numerous thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to attempt to browse them and actually see what was going on and sort of try to get back to everybody so proceeding look why do business select to primary separate checking account there are Papaya Global Data Import services out there doing precisely this for specific countries and I have actually operated in a company or lots of services doing exactly that I can say it doesn’t constantly feel effective and it does develop more work I understand we’re not deliberately doing that we’re not producing extra work for anyone where we do not have to and anyone that’s handling 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 amount that we are I think numerous factors one is it’s the requirement I think people have got so used to we need a brand-new checking account we open an entity and rightly so you need it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and lots of other ways um to to sort of do it so I think there’s a variety I believe this is a process that requires taking a look at it needs altering but eventually individuals are extremely stuck to what they’re familiar
with right um change is a difficult thing all of us don’t like change 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 things um I comprehend obviously the benefits of having preserving numerous checking account however there’s a big quantity of intricacy opts for setting up a checking account preserving it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for specific people so the intricacy is big however I think the sincere response is modification um individuals have not had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a checking account I think you have actually hit the nail on the head I think it is knowledge you know and there is an element of resistance to change however we’ve constantly done it that way is no genuine excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might practically be identified to be the next Century or two there is a lot to monitor and this technique does present numerous challenges um so Johnny might you tell us about those difficulties yeah obviously so there’s a range right there is so
I simply did you changed 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 International employees you deserve a corner office with a closer parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Data Import
I find time and time again the workers often misclassified unwittingly they don’t comprehend the conditions of work or contract and are told by the customer why it’s most advantageous primarily to the customer why you need to be employed or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be affected 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 Etc so it’s a huge effect that they never knew they were walking into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are securing insurance coverage versus misclassification however usually premiums are just covering the cost of legal costs whilst the typical claim assessed versus employers relates to to 40 or 50 percent of the base salary of employee is there any point in taking out insurance and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in most cases 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 rejected protection on the basis of the reality that you were not in compliance with laws um in the UK