Managing payroll globally is a complicated task … Papaya Global Kuwait…
How much revenue does the company make? Papaya Global Kuwait
Over the last five or 6 years …Papaya Global Kuwait… roles on the supplier side and also on the vendor side from a payroll perspective so truly looking forward to this discussion today um and yeah thank you quite for your time everyone alright thanks Johnny uh we’ll simply offer everyone another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite intriguing and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very very dreary and I wish I was somewhere else at this moment in time alright so let’s get going our agenda for today is as follows um we are going to be looking at the challenge years of managing International payroll why companies maintain separate
Virtual payroll accounts are an option to conventional savings account for managing payroll payments. This is particularly beneficial for global organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of keeping different bank accounts for payroll in different countries, virtual accounts and digital wallets provide a more structured option. In this webinar, we will check out the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic property 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 accurately efficiently safely 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 companies properly anticipate their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical possession so payroll can be difficult in enough in one nation however when you’re doing it globally it’s next level and Beyond it becomes complicated for a range of reasons most notably guidelines compliance data security and banking guidelines then there are the sheer numbers they include more intricacy the global 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 people that number is presently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there’s frequently an overwhelming number of different systems causing lengthy manual processes and silos the number of Integrations could be non-existent in large amounts and or very extremely fundamental there’s no genuine consistency framework we’re living in an age of tech but payroll has 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 just blows my mind whenever I I believe
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Workforce data in real time that’s another number that provides me sleepless nights and quite frankly the more a service spends on international payroll the less of a photo they see a lack of presence also extends to payroll payments and failure to accurately track these payments can result in compliance incidents in the last mile of the deal nearly half of international businesses have revealed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of errors are due to time reporting bad HCM data information entry mistakes inadequately interacted hires and terminations along with absence management and system configurations and then when you round it all off and the information is delivered to the incorrect location the average cost of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the money worldwide 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 perspective and in your experience what else needs to be factored into the difficulties company face when they’re paying to staff members or otherwise that’s an excellent question I always throw this back and state what is it what does not need to be included right and what does
it need 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 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 need to pay from the consumer’s own in-country account so there’s complexity anywhere you look right ultimately building a knowledge base is definitely important however all over 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 look at the type of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to kind of move forward with that it also also to add to that payroll and financing need to work closer together um with varying Savings account Details varying banking requirements and setup procedures is definitely necessary that payroll and financing groups work better together than ever um I’m always impressed when individuals say I have actually divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation 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 information collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being more and more crucial to add to sort of the level of intricacy there’s increasingly more advantages being organ or being provided by companies across the world so once again you’re just aiming to add increasingly more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure but have you got any experience in kind of genuine obstacles or real tough type of pay utilizes to play to pay people I think yeah I mean over the last well yeah a couple of years I would certainly say 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 info into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we need to create additional handoffs in the processes that we operate in they simply make them more prompt they make them less efficient and they don’t make them what they need to be in in an era of tech and a period that you understand that we are operating in today there is no reason we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any company has from a cost point of view from an impact viewpoint on workers it is absolutely vital 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 greatest damaging result on people’s wellness and lots of other aspects if people aren’t paid uh I have actually always been impressed entering into this Market type of the last 5 to ten years is how little thanks the
The payroll group may not have actually been thanked for correctly processing payroll throughout a webinar. If anyone has actually been thanked, it would be fantastic to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and individuals only notice when things fail. However, when things go right, it’s seen as simply a routine job. This is how it’s viewed externally also. For that reason, it is important to make sure that jobs like Wi-Fi International and other crucial matters are done properly. Using the very first Global Payments first payroll payment option is a great preliminary action towards supplying a thorough payroll option for employees worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and checking account necessary for worldwide payroll are key factors in achieving organization success. While we do not expect a hundred thousand thank yous within a payroll cycle, we do periodically receive a few complaints when things don’t go as prepared. Ultimately, we don’t 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 simple as possible for everyone that’s associated with those procedures and likewise so envision sorry I’m just I was simply gon na state picture the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re talking about numerous thousands potentially Millions envision getting that lots of thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to look through them and actually see what was going on and sort of try to return to everybody so moving on appearance why do companies pick to main different bank accounts there are Papaya Global Kuwait services out there doing precisely this for particular nations and I’ve operated in a business or many companies doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not deliberately doing that we’re not developing extra work for anyone where we do not have to and anybody that’s dealing with that process 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 think many reasons one is it’s the standard I think people have actually got so used to we require a brand-new savings 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 believe it’s just been the requirement and the norm individuals have embraced and continue to do over years and years gone past to add to that individuals have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a procedure that needs taking a look at it needs altering however ultimately individuals are very stuck with what they recognize
with right um change is a difficult thing all of us do not like change 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 lot of track of things um I comprehend certainly the benefits of having preserving several bank accounts however there’s a big quantity of intricacy chooses setting up a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the best user accesses for specific people so the complexity is huge but I think the honest response is change um individuals haven’t had the ability to change or haven’t had always the knowledge to actually make that change into alternate Solutions aside from opening a savings account I believe you’ve struck the nail on the head I think it is knowledge you understand and there is a component of resistance to alter however we have actually always done it that way is no real reason for not taking a look at the the advantages and the possibilities of moving on and moving into you know what might nearly be figured out to be the next Century approximately there is a lot to keep track of and this technique does position several challenges um so Johnny might you inform us about those obstacles yeah naturally 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 Worldwide employees you should have a corner office with a closer parking space because I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Kuwait
I find time and time again the workers frequently misclassified unwittingly they do not comprehend the conditions of employment or agreement and are informed by the customer why it’s optimum generally to the customer why you must be utilized or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and healthcare 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 far too late years have actually passed they haven’t contributed to pensions And so on so it’s a big impact that they never ever understood they were strolling into you couldn’t agree with you more if you say the UK for instance hmrc can go back as much as ten years um Kathy business are getting insurance versus misclassification but generally premiums are just 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 getting 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 for the most part I haven’t 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 stuff you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK