Managing payroll worldwide is a challenging job … Papaya Global Payroll India…
How much revenue does the company make? Papaya Global Payroll India
Over the last 5 or 6 years …Papaya Global Payroll India… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just provide everyone another couple of uh well among the 30 seconds approximately to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite 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 everyone originates from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s very very dreary and I wish I was somewhere else at this moment in time alright so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies keep different
Virtual payroll accounts are an alternative to conventional checking account for handling payroll payments. This is especially useful for international organizations with dispersed and remote workforces, as it simplifies the complicated procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets use a more streamlined solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are ending up being a tactical possession for payroll executives. We will also provide 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 walk you through the worldwide pros and cons of a payroll wallet versus a payroll checking account how business accurately anticipate their payroll costs to increase working capital and how simplifying International payroll payments can turn them from a siled pane into a strategic possession so payroll can be tough in enough in one nation but when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they add more complexity the worldwide Labor force is presently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is presently 500 million just for for a scale then consider that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll model there’s frequently a frustrating number of different systems leading to lengthy manual processes and silos the variety of Combinations could be non-existent in large quantities and or really really standard there’s no genuine consistency framework we’re living in a period 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 simply blows my mind whenever 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 say they have Labor force data in real time that’s another number that provides me sleep deprived nights and quite frankly the more an organization invests in global payroll the less of a picture they see a lack of exposure also encompasses payroll payments and failure to precisely track these payments can result in compliance accidents in the last mile of the transaction almost half of worldwide companies have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations as well as lack management and system setups and after that when you round all of it off and the information is delivered to the wrong place the average expense of a global information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the world payroll and payments don’t run efficiently if they rely on the essential multiple processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the obstacles service face when they’re paying to workers or otherwise that’s a great concern I constantly throw this back and state what is it what doesn’t need to be included right and what does
it require to be thought about there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities 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 consumer’s own in-country account so there’s intricacy any place you look best ultimately building a knowledge base is absolutely crucial however all over 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 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 fundamental and innovation is allowing us to type of move forward with that it likewise as well to add to that payroll and financing need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance teams work more detailed together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who does not operate in the payroll occupation would they divide 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 process 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
world we reside in and wellness being a growing number of important to add to kind of the level of complexity there’s a growing number of benefits being organ or being used by organizations across the world so again you’re just wanting to add increasingly more payments to this already complex landscape so if you sort of got any experience well I’m from your large experience here and I’m sure however have you got any experience in kind of genuine challenges or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would absolutely say that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s in fact handling the payment side of things however you understand in in my viewpoint and my experience that does not necessarily require to be the case you know long gone are the times where we require to produce additional handoffs at the same times that we run in they just make them more timely they make them less effective 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 operating in today there is no reason why we are still making this as tough as it requires to be agreed and appropriately as you stated payroll is the single most significant liability that any organization has from an expense viewpoint from an impact point of view on employees it is absolutely important that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental impact on individuals’s well-being and numerous other factors if individuals aren’t paid uh I have actually always been impressed coming into this Market kind of the last 5 to ten years is how little thanks the
payroll team get um so I’m uncertain anyone on this kind 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 ultimately payroll is such an important cycle all of us hear about it when it fails everybody jumps up and down when it fails but when it goes right it’s simply a tick box workout 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 things is absolutely vital that all of this stuff is done properly so leveraging the very first International Payments very first payroll payment service is a fantastic primary step um offering an end-to-end payroll option for your staff members worldwide again I think is another big um procedure once again lining up and guaranteeing you have standardization International processes all of those things are definitely essential to success success of organizations and lowering the number of tools platforms and bank accounts they need for their Worldwide 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 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 problems where things haven’t gone rather where they’re suggested to be um I don’t believe any of us are really doing that for for the thanks
anyway we understand how how essential a function 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 likewise so imagine sorry I’m simply I was just gon na state envision the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re discussing numerous thousands potentially Millions envision getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be a fascinating job trying to clean up 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 attempt to look through them and in fact see what was going on and type of shot to get back to everyone so carrying on look why do companies choose to primary different checking account there are Papaya Global Payroll India companies out there doing exactly this for specific countries and I have actually worked in a company or many businesses doing precisely that I can say it doesn’t constantly feel effective and it does create more work I know we’re not deliberately doing that we’re not producing additional work for anybody where we do not have to and anyone that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I believe many factors one is it’s the standard I believe individuals have actually got so utilized to we need a new bank account we open an entity and appropriately so you require it for payroll purposes but there are a number of markets where it’s not a requirement so I think it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a range I believe this is a process that needs looking at it requires changing but eventually people are extremely stuck with what they’re familiar
with best um change is a hard thing all of us do not like modification um so I believe it’s simply type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having maintaining numerous savings account but there’s a substantial amount of complexity goes with setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the best user accesses for private individuals so the intricacy is substantial however I believe the honest response is modification um people have not had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions aside from opening a bank account I believe you’ve struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the benefits and the possibilities of proceeding and moving into you understand what might practically be determined to be the next Century or so there is a lot to keep an eye on and this method does posture numerous challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I simply did you switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide employees you deserve a corner workplace with a closer parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Payroll India
I find time and time again the workers frequently misclassified unconsciously they do not comprehend the conditions of employment or contract and are informed by the client why it’s optimum primarily to the client why you ought to be employed or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and health care opportunities of the worker can be impacted 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 passed they haven’t contributed to pensions Etc so it’s a huge effect that they never knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are taking out insurance coverage versus misclassification but usually premiums are only covering the cost of legal fees whilst the typical claim examined versus companies corresponds to to 40 or half 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 fine 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 area 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 stuff you could be denied coverage on the basis of the fact that you were not in compliance with laws um in the UK