Managing payroll globally is an overwhelming task … Papaya Global Time Clock…
How much revenue does the company make? Papaya Global Time Clock
Over the last five or six years …Papaya Global Time Clock… functions on the service provider side and also on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or two to join all of us work back to back these days so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody comes from and I really do hope it’s much sunnier than it is 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 extremely very gloomy and I want I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a tactical asset uh we’ll likewise go over a recap and that should leave his time at the extremely extremely end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and International labor forces become a growing number of common and handling them becomes a growing number of complex International companies are seeking to find Solutions and new ways to simplify processes particularly from a payroll and cross-border payment standpoint lots of companies preserve different bank account just for payroll while some have multiple accounts in different countries does it make good sense for business to keep separate bank accounts often in different countries it does but just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in helping international business streamline the episode complex procedures of
Guaranteeing precise, efficient, and timely payroll payments is a complex challenge for businesses running worldwide. Join us for a webinar to explore the benefits and disadvantages of payroll wallets versus payroll savings account, discover how companies forecast payroll costs to optimize working capital, and find how streamlining global payroll payments can transform them from a challenging task into a strategic property.
due to various regulations, compliance requirements, data security issues, and banking guidelines. The sheer number of employees and organizations contributes to the intricacy, with an estimated 3.5 billion individuals in the international workforce, 500 countless whom remain in Africa, and 230 million organizations worldwide.
Traditional payroll systems often lead to manual procedures, information silos, and a lack of combination, leading to disparities and ineffectiveness. Despite living in an era of technological advancements, payroll management has actually been sluggish to adjust, with as much as 25% of payroll still processed by hand, typically utilizing pen and paper. This webinar aims to offer insights and options to streamline and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force data in real time that’s another number that offers me sleepless nights and quite honestly the more a company spends on global payroll the less of a photo they see a lack of exposure also reaches payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the transaction nearly half of international businesses have revealed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of mistakes are because of time reporting bad HCM data information entry errors improperly communicated hires and terminations in addition to absence management and system configurations and after that when you round everything off and the data 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 require to move the money around the world payroll and payments do not run efficiently if they depend on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties business face when they’re making payments to workers or otherwise that’s a great concern I always throw this back and say what is it what does not need to be included ideal and what does
it require to be thought of there’s differing Bank details so the length of an eye band a swift an account number routing code per nation there’s payment amount of time there’s payment abilities 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 customer’s own in-country account so there’s complexity any place you look right ultimately building a knowledge base is absolutely important but everywhere you look with payroll payment they are like extremely payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the sort 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 technology is permitting us to type of move on with that it also as well to contribute to that payroll and financing need to work closer together um with differing Bank Account Details varying banking requirements and setup processes is definitely crucial that payroll and finance groups work more detailed together than ever um I’m constantly astonished when people state I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll occupation 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 frequently 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 individuals anywhere they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being more and more important to add to sort of the level of intricacy there’s increasingly more advantages being organ or being used by services throughout the world so again you’re simply aiming to include more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of real obstacles or genuine challenging sort of pay uses to play to pay individuals I believe yeah I indicate over the last well yeah a number of decades I would certainly state that the larger a business gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding information into the next function as it were that’s really managing the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to produce extra 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 era that you understand that we are operating in today there is no reason why we are still making this as challenging as it needs to be agreed and appropriately as you stated payroll is the single most significant liability that any company has from a cost viewpoint from an effect 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 need to be done right it has the greatest damaging result on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I’ve always been surprised coming into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has actually been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um but eventually payroll is such an essential cycle all of us become aware of it when it goes wrong everybody jumps up and down when it fails 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 likewise like why WI-Fi Global why all of this things is definitely vital that all of this stuff is done correctly so leveraging the first Global Payments very first payroll payment option is a great primary step um providing an end-to-end payroll service for your workers worldwide again I believe is another huge um procedure again aligning and ensuring you have standardization Global procedures all of those things are definitely essential to success success of organizations and reducing the number of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone rather where they’re suggested to be um I don’t think any of us are really doing that for for the thanks
anyway we know how how crucial 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 easy as possible for everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions picture getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an interesting task attempting to clean up all those up for sure oh absolutely I can’t envision 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 in fact see what was going on and type of try to return to everyone so carrying on look why do business pick to primary separate checking account there are Papaya Global Time Clock 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 say it does not always feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating additional work for anybody where we don’t have to and anybody that’s dealing with 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 amount that we are I think lots of reasons one is it’s the requirement I believe individuals have got so used to we require a brand-new checking account we open an entity and appropriately so you need it for payroll functions however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard the people have actually embraced and continue to do over years and years gone past to contribute to that individuals have taken a look at things like trust accounts and lots of other ways 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 however ultimately individuals are really stuck with what they recognize
with ideal um modification is a tough thing all of us do not like change um so I think it’s just kind of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand clearly the benefits of having preserving multiple savings account however there’s a big quantity of intricacy goes with setting up a checking account maintaining it guaranteeing it can send International transfers ensuring it’s set up with the ideal user accesses for individual people so the complexity is huge but I believe the sincere answer is modification um individuals haven’t had the ability to alter or have not had necessarily the understanding to really make that change into alternate Solutions other than opening a savings account I believe you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we have actually constantly done it that way is no genuine excuse for not taking a look at the the advantages and the possibilities of carrying 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 technique does posture several difficulties um so Johnny could you tell us about those obstacles yeah of course so there’s a range right there is so
I just recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has acquired another CFO, and with this improved capability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is better, considering your accomplishments. Papaya Global Time Clock
I find time and time again the workers typically misclassified unknowingly they do not understand the conditions of work or contract and are told by the customer why it’s most advantageous mainly to the client why you should be utilized or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and health care benefits of the worker can be impacted and numerous 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 added to pensions And so on so it’s a huge effect that they never understood they were strolling into you could not agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy companies are securing insurance versus misclassification but typically premiums are only covering the expense of legal charges whilst the typical claim evaluated versus employers corresponds to to 40 or half of the base salary of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to read the fine print it is not covering the taxes penalty and interest in most cases I have not seen it a minimum of so uh the the other area that I do believe if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be rejected protection on the basis of the truth that you were not in compliance with laws um in the UK