Handling payroll globally is a difficult job … Papaya Global Customer Operations Specialist…
How much revenue does the company make? Papaya Global Customer Operations Specialist
Over the last 5 or six years …Papaya Global Customer Operations Specialist… roles on the supplier side and likewise on the vendor side from a payroll perspective so really anticipating this discussion today um and yeah thank you quite for your time everybody alright thanks Johnny uh we’ll simply provide everyone another number of uh well one of the 30 seconds approximately to join all of us work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s raining here it’s very extremely gloomy and I wish I was elsewhere at this moment in time alright so let’s begin our agenda for today is as follows um we are going to be looking at the difficulty years of managing Worldwide payroll why companies preserve different
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts improving papaya International payroll payments as a strategic asset uh we’ll also go over a recap which should leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Global workforces become increasingly more common and handling them becomes a growing number of complex International companies are wanting to discover Solutions and brand-new methods to streamline procedures especially from a payroll and cross-border payment viewpoint numerous organizations preserve different checking account just for payroll while some have multiple accounts in various countries does it make good sense for companies to maintain different bank accounts sometimes in different nations it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business simplify the episode complex procedures of
making payroll payments accurately efficiently securely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how business precisely forecast their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be challenging in adequate in one country but when you’re doing it globally it’s next level and Beyond it becomes intricate for a variety of factors most significantly policies compliance data security and banking rules then there are the sheer numbers they include more intricacy the worldwide Labor force is presently three 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 organizations and growing all doing their own thing around the globe in the traditional payroll model there’s frequently a frustrating variety of various systems leading to lengthy manual procedures and silos the number of Combinations could be non-existent in large quantities and or really extremely fundamental there’s no real consistency framework we’re living in an age of tech but payroll has actually been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind every time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of organizations state they have Labor force data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a business spends on global payroll the less of a picture they see a lack of visibility also extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of global companies have expressed 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 because of time reporting bad HCM information information entry errors inadequately communicated hires and terminations in addition to absence management and system setups and then when you round everything off and the information is shipped to the incorrect location the typical expense of a worldwide data 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 do not run efficiently if they rely on the required multiple processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties business face when they’re paying to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be included best 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 timespan there’s payment capabilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s complexity wherever you look best ultimately developing a knowledge base is definitely important but all over you look with payroll payment they resemble 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 think there’s now a bit more recognition that payroll payments are definitely basic and technology is allowing us to sort of progress with that it likewise as well to contribute to that payroll and financing require to work closer together um with varying Bank Account Particulars varying banking requirements and setup procedures is absolutely important that payroll and finance teams work more detailed together than ever um I’m always amazed when people state I have actually divided 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 an industry accept that why our payroll and payments so frequently 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 people wherever they are but also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to add to kind of the level of complexity there’s increasingly more advantages being organ or being provided by companies throughout the world so once again you’re just looking to add a growing number of payments to this currently complicated 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 real obstacles or genuine difficult kind of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would absolutely state that the larger a service 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 groups feeding information into the next function as it were that’s really handling the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to develop additional handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in a period of tech and an era that you know that we are working in today there is no reason why we are still making this as challenging as it requires to be agreed and rightly as you said payroll is the single biggest liability that any service has from an expense viewpoint from an impact point of view on staff members it is definitely important that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive effect on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been amazed entering this Market sort of the last 5 to 10 years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll during a webinar. If anyone has been thanked, it would be fantastic to hear their success story, whether it’s from all workers or not. Payroll is an important cycle, and individuals just notice when things go wrong. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. Therefore, it is necessary to guarantee that jobs like Wi-Fi Worldwide and other vital matters are done correctly. Using the very first Worldwide Payments first payroll payment option is a great initial action towards supplying an extensive payroll service for workers worldwide. Standardization, worldwide procedures, and minimizing the variety of tools, platforms, and checking account essential for international payroll are essential factors in attaining business success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically get a couple of problems when things don’t go as prepared. Ultimately, we do not do it for the gratitude.
anyhow 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 easy as possible for everyone that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na state envision the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions envision getting that numerous thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting job trying to clean up all those up for sure oh definitely 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 browse them and actually see what was going on and type of try to return to everybody so proceeding appearance why do companies choose to primary separate bank accounts there are Papaya Global Customer Operations Specialist organizations out there doing precisely this for specific nations and I have actually operated in an organization or lots of businesses doing precisely that I can state it doesn’t always feel effective and it does develop more work I know we’re not intentionally doing that we’re not producing extra work for anyone where we don’t need 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 quantity that we are I believe numerous factors one is it’s the standard I believe individuals have got so used to we require a brand-new bank account we open an entity and appropriately so you require it for payroll purposes however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and many other methods um to to kind of do it so I think there’s a variety I believe this is a process that needs taking a look at it requires changing but eventually people are very stuck with what they’re familiar
with ideal um change is a difficult thing all of us don’t like modification um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand clearly the benefits of having keeping several savings account but there’s a huge amount of complexity chooses setting up a bank account keeping it guaranteeing it can send out International transfers guaranteeing it’s set up with the ideal user accesses for private individuals so the intricacy is substantial however I think the honest response is change um individuals have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a checking account I believe you’ve struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might nearly be determined to be the next Century approximately there is a lot to monitor and this method does pose several difficulties um so Johnny could you tell us about those challenges yeah of course 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’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide staff members you are worthy of a corner workplace with a more detailed parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Customer Operations Specialist
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 client why it’s optimum mainly to the client why you ought to be utilized or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and health care advantages 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 far too late years have actually passed they have not contributed to pensions And so on so it’s a big impact that they never knew they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as 10 years um Kathy companies are securing insurance coverage against misclassification but normally premiums are just covering the expense of legal fees whilst the average claim assessed versus employers relates to to 40 or 50 percent of the base pay of worker is there any point in getting 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 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 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