Managing payroll globally is a daunting job … Papaya Global Inc….
How much revenue does the company make? Papaya Global Inc.
Over the last 5 or 6 years …Papaya Global Inc…. functions on the service provider side and also on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you very much for your time everybody fine 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 nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on already simply to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why companies preserve separate
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts enhancing papaya International payroll payments as a strategic property uh we’ll likewise review a recap and that must leave his time at the very really 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 labor forces become increasingly more typical and managing them becomes increasingly more intricate Worldwide organizations are looking to find Solutions and new ways to streamline procedures particularly from a payroll and cross-border payment standpoint numerous organizations preserve different checking account just for payroll while some have multiple accounts in various nations does it make good sense for companies to keep separate savings account in some cases in various countries it does but just for payroll exists a much better way what function do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business streamline the episode complex procedures of
making payroll payments precisely effectively securely and on time throughout this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll bank account how business properly anticipate their payroll costs to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one country however when you’re doing it globally it’s next level and Beyond it ends up being complicated for a range of reasons most significantly policies compliance data security and banking guidelines then there are the large numbers they include further intricacy the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing all over the world in the traditional payroll model there’s frequently a frustrating number of different systems causing time-consuming manual procedures and silos the number of Combinations could be non-existent in big amounts and or really really fundamental there’s no real consistency structure we’re residing in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind whenever I I believe
about it to offer you a concept 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 provides me sleepless nights and quite honestly the more a service spends on international payroll the less of a photo they see an absence of visibility also reaches payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide organizations have actually revealed that they don’t have the level of standardization they require in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM data data entry mistakes inadequately interacted hires and terminations along with lack management and system configurations and then when you round everything off and the data is shipped to the incorrect place the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash around the globe payroll and payments don’t run smoothly if they rely on the required several processes systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a great question I always toss this back and say what is it what doesn’t need to be included right and what does
it need 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 have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity wherever you look ideal ultimately building a knowledge base is definitely critical however everywhere you look with payroll payment they are like super payments no if but some babies 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 think there’s now a bit more recognition that payroll payments are absolutely basic and technology is allowing us to type of move on with that it likewise too to contribute to that payroll and finance require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and financing groups work more detailed together than ever um I’m constantly surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anyone 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 typically 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 individuals wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern-day world positions a high worth on well-being and the settlement landscape is ending up being significantly intricate. Organizations are continuously presenting new advantages and payment options, which adds to the overall complexity. Big corporations often divide their payroll and payment processing into separate groups, which can lead to inefficiencies and bottlenecks. In my viewpoint, this doesn’t have to hold true. In today’s technically advanced period, there’s no reason for keeping troublesome treatments. Payroll, the business’s most significant expenditure, must be processed correctly and on time. Even small delays can adversely impact workers’ well-being and have significant consequences. For that reason, it’s crucial to prioritize accurate and prompt payments.
The payroll team might not have been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just notice when things fail. However, when things go right, it’s viewed as simply a routine job. This is how it’s perceived externally too. For that reason, it is important to make sure that jobs like Wi-Fi Global and other vital matters are done correctly. Using the very first International Payments very first payroll payment service is a terrific initial action towards providing a detailed payroll solution for staff members worldwide. Standardization, global processes, and decreasing the number of tools, platforms, and bank accounts necessary for international payroll are essential consider achieving service success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do occasionally receive a couple of grievances when things don’t go as planned. Ultimately, we don’t do it for the gratitude.
anyway we understand 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 everyone that’s associated with those processes and also so think of sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re talking about numerous thousands possibly Millions think of getting that many thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t imagine 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 really see what was going on and kind of shot to get back to everyone so proceeding look why do business select to primary separate savings account there are Papaya Global Inc. companies out there doing exactly this for particular nations and I have actually operated in an organization or numerous businesses doing exactly that I can state it does not constantly feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not developing additional work for any person where we do not need to and any person that’s managing that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the requirement I believe individuals have actually got so used to we require a new savings account we open an entity and appropriately so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and lots of other methods um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it requires changing however ultimately people are very stuck with what they recognize
with right um modification is a tough thing all of us do not like change um so I believe it’s just kind of moving away 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 maintaining numerous savings account but there’s a huge amount of intricacy chooses establishing a savings account preserving it ensuring it can send International transfers ensuring it’s set up with the best user accesses for specific individuals so the complexity is substantial but I believe the honest answer is change um people haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we have actually always done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might almost be identified to be the next Century or two there is a lot to track and this method does position several difficulties um so Johnny could you tell us about those challenges yeah of course so there’s a variety 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 tasks on one platform. It seems like our CFO has actually gained another CFO, and with this improved capability, I have effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments utilizing Papaya payroll OS is commendable. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Papaya Global Inc.
I find time and time again the workers often misclassified unconsciously they don’t understand the conditions of work or agreement 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 worker might owe taxes and Social Security to the authorities the future pension and health care advantages of the worker can be affected and several times it can be years before this all falls out and by that time it’s too late years have passed they have not contributed to pensions And so on so it’s a huge effect that they never ever knew they were walking into you couldn’t agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are securing insurance coverage versus misclassification but usually premiums are just covering the expense of legal fees whilst the average claim evaluated against employers relates to to 40 or half of the base pay of worker is there any point in taking out insurance and what is the alternative yeah to your point um you do need to check out the small print it is not covering the taxes charge and interest in many cases I have not seen it a minimum of so uh the the other location that I do believe if you managed to get the protection 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 reality that you were not in compliance with laws um in the UK