Managing payroll globally is an overwhelming job … Papaya Global Pocket Guide 2022…
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Over the last 5 or 6 years …Papaya Global Pocket Guide 2022… functions on the supplier side and also on the vendor side from a payroll viewpoint so actually anticipating this conversation today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another number of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather intriguing and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 really dreary and I wish I was elsewhere at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be looking at the obstacle years of managing International payroll why companies preserve different
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll likewise discuss a recap and that needs to leave his time at the very extremely end for a q a session so as the title of the webinar recommends payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more common and handling them becomes more and more intricate Global companies are looking to find Solutions and brand-new methods to enhance processes specifically from a payroll and cross-border payment standpoint many companies keep different bank account just for payroll while some have several accounts in various nations does it make good sense for companies to preserve separate bank accounts sometimes in different nations it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also known as virtual wallets play in helping international business improve the episode complex procedures of
Guaranteeing precise, efficient, and prompt payroll payments is a complex difficulty for organizations operating globally. Join us for a webinar to explore the benefits and drawbacks of payroll wallets versus payroll bank accounts, find out how companies forecast payroll expenses to optimize working capital, and discover how streamlining worldwide payroll payments can transform them from a troublesome task into a tactical asset.
due to various policies, compliance requirements, data security concerns, and banking rules. The sheer variety of workers and organizations adds to the complexity, with an estimated 3.5 billion individuals in the worldwide workforce, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Conventional payroll systems often result in manual procedures, information silos, and a lack of combination, causing inconsistencies and inefficiencies. In spite of living in a period of technological advancements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to provide insights and options to streamline and enhance global payroll payments.
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company invests in international payroll the less of an image they see a lack of exposure also encompasses payroll payments and failure to accurately track these payments can cause compliance mishaps in the last mile of the deal 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 mistakes are because of time reporting bad HCM data information entry errors poorly interacted hires and terminations along with lack management and system setups and after that when you round it all off and the data is shipped to the incorrect location the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash around the globe payroll and payments do not run smoothly if they rely on the essential several processes systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a good concern I constantly toss this back and say what is it what does not need to be consisted of ideal and what does
it need to be thought of 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 capabilities 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 customer’s own in-country account so there’s intricacy wherever you look ideal eventually developing a knowledge base is definitely important but everywhere you look with payroll payment they resemble super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind of link 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 permitting us to kind of progress with that it also too to add to that payroll and financing require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is absolutely crucial that payroll and finance teams work more detailed together than ever um I’m always surprised when people state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t work in the payroll occupation would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so often 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 anywhere they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being a growing number of crucial to contribute to kind of the level of complexity there’s more and more benefits being organ or being provided by organizations across the world so again you’re just aiming to include increasingly more payments to this currently intricate landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of real obstacles or real tough kind of pay uses to play to pay individuals I believe yeah I imply over the last well yeah a number of decades I would certainly state that the bigger a company gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s in fact handling the payment side of things however you know in in my viewpoint and my experience that does not always need to be the case you understand long gone are the times where we need to develop additional handoffs while doing sos that we operate 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 an age of tech and an age that you understand that we are working in today there is no reason why we are still making this as challenging as it needs to be concurred and appropriately as you said payroll is the single greatest liability that any company has from a cost perspective from an effect perspective on employees it is absolutely crucial 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 biggest detrimental impact on individuals’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been astonished entering into this Market sort of the last five to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has been informed thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle we all find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box exercise and I think that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this things is absolutely crucial that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is a great initial step um supplying an end-to-end payroll option for your workers globally again I believe is another big um process again lining up and guaranteeing you have standardization Worldwide processes all of those things are absolutely essential to success success of services and decreasing the number of tools platforms and savings account they require for their International 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’ve never ever had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things haven’t gone rather where they’re meant to be um I do not believe any of us are in fact doing that for for the thanks
anyway we understand how how essential 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 involved in those procedures and likewise so picture sorry I’m just I was simply gon na state imagine the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make sure we’re speaking about hundreds of thousands possibly Millions imagine getting that lots of thank you notes um I suggest it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be a fascinating 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 actually see what was going on and type of try to return to everyone so proceeding look why do business pick to main different checking account there are Papaya Global Pocket Guide 2022 businesses out there doing exactly this for specific nations and I’ve operated in a company or lots of businesses doing exactly that I can state it doesn’t constantly feel effective and it does develop more work I know we’re not purposely doing that we’re not creating extra work for anybody where we don’t have to and anyone that’s handling 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 reasons one is it’s the standard I think people have got so used to we need a brand-new checking account we open an entity and rightly 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 just been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have looked at things like trust accounts and lots of other ways um to to type of do it so I believe there’s a range I believe this is a process that requires taking a look at it requires altering but ultimately individuals are very stuck to what they recognize
with ideal um modification is a hard thing all of us don’t like modification um so I believe it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a great deal of track of stuff um I understand obviously the benefits of having preserving numerous bank accounts however there’s a big quantity of intricacy chooses setting up a savings account maintaining it guaranteeing it can send International transfers ensuring it’s established with the ideal user accesses for specific individuals so the intricacy is big however I believe the honest response is modification um people have not had the ability to alter or haven’t had always the knowledge to truly make that change into alternate Solutions besides opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we’ve always done it that way is no genuine reason for not taking a look at the the benefits and the possibilities of moving on and moving into you know what could practically be figured out to be the next Century approximately there is a lot to monitor and this approach does posture several difficulties um so Johnny could you inform us about those difficulties yeah naturally so there’s a variety right there is so
I just did you changed our Business 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 staff members 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 Pocket Guide 2022
I find time and time again the workers typically misclassified unknowingly they don’t understand the conditions of work or contract and are informed by the client why it’s most advantageous generally to the customer why you need to be employed or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care benefits 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 actually passed they have not added to pensions Etc so it’s a big impact that they never ever understood they were walking into you could not agree with you more if you state the UK for example hmrc can go back as much as 10 years um Kathy business are getting insurance versus misclassification but typically premiums are just covering the expense of legal charges whilst the typical claim examined against companies relates to to 40 or half of the base pay of worker is there any point in getting insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest in most cases I haven’t seen it at least 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 coverage on the basis of the fact that you were not in compliance with laws um in the UK