Handling payroll globally is a complicated job … Papaya Global Us…
How much revenue does the company make? Papaya Global Us
Over the last 5 or 6 years …Papaya Global Us… roles on the provider side and likewise on the vendor side from a payroll perspective so truly anticipating this discussion today um and yeah thank you quite for your time everyone okay thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll kind 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 type of like see where everyone comes from and I truly do hope it’s much sunnier than it is 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 really really dreary and I wish I was somewhere else at this moment in time fine so let’s get started our program for today is as follows um we are going to be taking a look at the obstacle years of handling Worldwide payroll why business maintain different
Virtual payroll accounts are an alternative to standard bank accounts for handling payroll payments. This is particularly helpful for international organizations with dispersed and remote workforces, as it streamlines the complicated process of cross-border payments. Instead of preserving different bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will check out the advantages of using virtual payroll accounts and go over why they are becoming a strategic property for payroll executives. We will also supply a wrap-up of the main points covered and leave time for a Q&A session at the end.
making payroll payments precisely 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 checking account how companies accurately forecast 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 challenging in enough in one nation however when you’re doing it globally it’s next level and Beyond it becomes intricate for a range of factors most significantly regulations compliance data security and banking guidelines then there are the sheer numbers they include additional intricacy the global Workforce is presently three 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 factor in that there are some 230 million services and growing all doing their own thing around the globe in the conventional payroll design there’s typically a frustrating number of different systems resulting in lengthy manual processes and silos the variety of Integrations could be non-existent in large quantities and or extremely really standard there’s no real consistency framework we’re residing in an era of tech however 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 and that just blows my mind each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of services state they have Workforce information in real time that’s another number that offers me sleepless nights and rather frankly the more a service spends on worldwide payroll the less of a picture they see a lack of presence 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 businesses have expressed that they do not have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations as well as lack management and system configurations and then when you round all of it off and the information is delivered to the wrong place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash all over the world payroll and payments do not run efficiently if they count on the necessary multiple 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 challenges business face when they’re making payments to staff members or otherwise that’s an excellent concern I always throw this back and say what is it what doesn’t need to be included best and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per country there’s payment amount of time 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 customer’s own in-country account so there’s complexity wherever you look ideal eventually developing a knowledge base is absolutely crucial but all over you look with payroll payment they resemble incredibly 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 acknowledgment that payroll payments are definitely basic and innovation is enabling us to kind of progress with that it also too to add to that payroll and finance require to work closer together um with differing Savings account Details varying banking requirements and setup processes is absolutely important that payroll and finance groups work more detailed together than ever um I’m always astonished when people state I have actually divided 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 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 eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
The modern-day world places a high worth on wellness and the settlement landscape is ending up being significantly detailed. Businesses are continually presenting new advantages and payment alternatives, which adds to the general intricacy. Large corporations often divide their payroll and payment processing into different groups, which can lead to inadequacies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technologically innovative era, there’s no validation for keeping cumbersome treatments. Payroll, the business’s most significant expenditure, need to be processed properly and on time. Even minor hold-ups can negatively affect workers’ wellness and have significant effects. Therefore, it’s critical to focus on accurate and prompt payments.
payroll team get um so I’m unsure anyone on this sort of webinar has actually been informed thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all staff members or not um however eventually payroll is such an important cycle we all find out about it when it fails everyone jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise 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 stuff is absolutely crucial that all of this things is done correctly so leveraging the first Global Payments very first payroll payment service is a great first step um providing an end-to-end payroll option for your workers worldwide once again I believe is another big um process again lining up and ensuring you have standardization International processes all of those things are absolutely key to success success of organizations and lowering the variety of tools platforms and bank accounts they require for their International 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’ve never had a hundred thousand of 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 grievances where things have not gone rather where they’re suggested to be um I do not think any of us are in fact doing that for for the thanks
anyway we know 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 easy as possible for everyone that’s involved in those processes and likewise so imagine sorry I’m just I was simply gon na say think of 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 talking about hundreds of thousands potentially Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would certainly be a fascinating task trying to clean all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to browse them and actually see what was going on and kind of try to return to everybody so moving on appearance why do business pick to main separate bank accounts there are Papaya Global Us services out there doing exactly this for particular nations and I’ve operated in a company or many businesses doing precisely that I can say it does not always feel efficient and it does develop more work I know we’re not deliberately doing that we’re not creating extra work for any person where we do not need to and anybody that’s dealing with that procedure I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the quantity that we are I think numerous factors one is it’s the requirement I think individuals have got so used to we require a new bank account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the norm individuals have actually adopted and continue to do over years and years gone past to add to that individuals have actually taken a look at things like trust accounts and lots of other ways um to to sort of do it so I believe there’s a variety I believe this is a process that requires looking at it needs changing but ultimately people are extremely stuck to what they’re familiar
with ideal um change is a tough thing we all don’t like change um so I believe it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I understand certainly the benefits of having keeping multiple bank accounts however there’s a big amount of complexity goes with establishing a bank account preserving it ensuring it can send out International transfers guaranteeing it’s established with the ideal user accesses for specific people so the complexity is huge but I believe the sincere response is change um individuals have not been able to change or have not had necessarily the understanding to really make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we have actually always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of carrying on and moving into you know what could practically be identified to be the next Century or so there is a lot to keep track of and this approach does pose a number of challenges um so Johnny might you tell us about those difficulties yeah naturally so there’s a range right there is so
I simply did you changed 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 more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Us
I discover time and time again the employees frequently misclassified unknowingly they don’t comprehend the conditions of work or agreement and are told by the client why it’s most advantageous generally to the customer why you must be utilized or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not added to pensions And so on so it’s a huge effect that they never knew they were walking into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are taking out insurance coverage against misclassification however typically premiums are only covering the cost of legal charges whilst the average claim examined against companies corresponds to to 40 or 50 percent of the base pay of employee is there any point in getting insurance 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 area that I do think if you managed to get the protection what we are saying 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