Handling payroll worldwide is a complicated task … Papaya Global India Office…
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Over the last 5 or 6 years …Papaya Global India Office… roles on the company side and also on the supplier side from a payroll point of view so really eagerly anticipating this discussion today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll simply provide everybody another number of uh well one of the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating 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 comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really extremely gloomy and I wish I was somewhere else at this moment in time all right so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business maintain different
Virtual payroll accounts are an alternative to traditional savings account for handling payroll payments. This is particularly beneficial for global companies with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of preserving separate savings account for payroll in different countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also offer a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments properly effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly anticipate their payroll costs to increase working capital and how improving Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be tough in enough in one nation however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most notably regulations compliance data security and banking rules then there are the sheer numbers they add more complexity the international Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there’s typically an overwhelming variety of various systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or very really fundamental there’s no real consistency structure we’re residing in a period of tech but payroll has been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which just blows my mind every time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services say they have Labor force data in real time that’s another number that provides me sleepless nights and quite honestly the more a company invests in international payroll the less of an image they see a lack of visibility also reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of international companies have actually expressed that they don’t have the level of standardization they need in their procedures or desire and as a result eighty percent of mistakes are due to time reporting bad HCM information data entry mistakes badly communicated hires and terminations as well as lack management and system setups and after that when you round all of it off and the data is delivered to the wrong location the average 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 money around the world payroll and payments don’t run smoothly if they depend 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 company face when they’re making payments to workers or otherwise that’s a good question I constantly throw this back and state what is it what doesn’t require to be included right and what does
it require to be considered there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames 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 consumer’s own in-country account so there’s complexity anywhere you look ideal ultimately building a knowledge base is definitely crucial but everywhere 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 type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely basic and innovation is enabling us to type of move forward with that it also as well to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely vital that payroll and finance groups work more detailed together than ever um I’m always impressed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession 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 procedure it’s the point of data collection all the way through to paying individuals any place they are but also paying statutory authorities and on statutory third parties so with the
The modern world places a high worth on well-being and the compensation landscape is ending up being progressively detailed. Services are continually presenting new benefits and payment options, which contributes to the overall intricacy. Big corporations often divide their payroll and payment processing into different teams, which can lead to inefficiencies and bottlenecks. In my viewpoint, this does not have to be the case. In today’s technically sophisticated era, there’s no justification for keeping troublesome treatments. Payroll, the company’s greatest expenditure, need to be processed properly and on time. Even slight hold-ups can negatively impact employees’ wellness and have far-reaching effects. For that reason, it’s critical to prioritize accurate and prompt payments.
The payroll group might not have been thanked for properly processing payroll throughout a webinar. If anyone has been thanked, it would be great to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals just see when things fail. However, when things go right, it’s viewed as just a routine task. This is how it’s perceived externally as well. Therefore, it is necessary to ensure that jobs like Wi-Fi International and other essential matters are done properly. Utilizing the first International Payments first payroll payment option is a terrific preliminary step towards providing a thorough payroll solution for staff members worldwide. Standardization, international processes, and lowering the variety of tools, platforms, and checking account necessary for worldwide payroll are essential consider accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of problems when things don’t go as planned. Ultimately, we don’t do it for the thankfulness.
anyway we understand 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 simply I was simply gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re talking about numerous thousands potentially Millions imagine getting that many thank you notes um I suggest it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing task attempting to clean up 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 need days of the week to try to look through them and in fact see what was going on and type of try to get back to everyone so carrying on appearance why do business select to primary different bank accounts there are Papaya Global India Office companies out there doing exactly this for particular countries and I’ve worked in a service or lots of services doing precisely that I can state it does not constantly feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing additional work for anyone where we don’t need to and anyone that’s dealing with that procedure 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 many factors one is it’s the requirement I think people have got so utilized to we require a new savings account we open an entity and appropriately 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 standard and the norm the people have actually embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a process that needs looking at it requires changing but eventually individuals are very stuck with what they recognize
with ideal um change is a challenging thing we all do not like change um so I believe it’s simply sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend clearly the benefits of having maintaining several savings account however there’s a big amount of intricacy chooses setting up a checking account preserving it ensuring it can send out International transfers ensuring it’s established with the ideal user accesses for private people so the intricacy is big however I think the truthful response is change um people haven’t had the ability to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions other than opening a checking account I think you’ve struck the nail on the head I believe it is understanding you understand and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century or two there is a lot to track and this approach does pose numerous obstacles um so Johnny could you tell us about those difficulties yeah of course so there’s a variety 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 acquired another CFO, and with this boosted ability, I have actually effectively protected payments for our 10,000 employees worldwide. Your commitment to mastering worldwide payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is better, considering your achievements. Papaya Global India Office
I find time and time again the employees often misclassified unknowingly they do not comprehend the conditions of employment or contract and are told by the customer why it’s optimum generally to the customer why you ought to be used or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be affected and a number of 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 And so on so it’s a big effect that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for example hmrc can return as much as ten years um Kathy companies are securing insurance coverage versus misclassification however typically premiums are only covering the cost of legal charges whilst the average claim examined against employers equates to to 40 or 50 percent of the base salary of employee exists any point in securing insurance coverage 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 penalty and interest in many cases I have not seen it a minimum of so uh the the other location that I do think if you managed to get the coverage 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 truth that you were not in compliance with laws um in the UK