Handling payroll internationally is a daunting job … Papaya Global Vs…
How much revenue does the company make? Papaya Global Vs
Over the last 5 or six years …Papaya Global Vs… roles on the service provider side and likewise on the supplier side from a payroll viewpoint so actually looking forward to this conversation today um and yeah thank you very much for your time everybody all right thanks Johnny uh we’ll simply offer everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather fascinating 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 actually 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 drizzling here it’s very very dreary and I want I was elsewhere at this moment in time okay so let’s start our program for today is as follows um we are going to be looking at the obstacle years of managing Global payroll why companies preserve different
Virtual payroll accounts are an alternative to conventional savings account for managing payroll payments. This is particularly helpful for global organizations with dispersed and remote labor forces, as it simplifies the intricate procedure of cross-border payments. Instead of keeping separate savings account for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and discuss why they are becoming a tactical property for payroll executives. We will likewise supply a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively firmly and on time throughout this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic property so payroll can be tough in sufficient in one nation however when you’re doing it globally it’s next level and Beyond it becomes complex for a variety of factors most notably guidelines compliance information security and banking guidelines then there are the large numbers they add more intricacy the worldwide Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing worldwide in the conventional payroll design there’s frequently a frustrating number of various systems causing lengthy manual procedures and silos the variety of Integrations could be non-existent in large amounts and or extremely very standard there’s no real consistency structure 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 frequently with pen and paper and that just blows my mind every time I I believe
about it to give you an idea of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that offers me sleep deprived nights and rather honestly the more a service invests in global payroll the less of a photo they see a lack of exposure also encompasses payroll payments and inability to precisely track these payments can result in compliance accidents in the last mile of the deal almost half of global organizations have actually expressed that they don’t have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting bad HCM data data entry mistakes badly communicated hires and terminations along with lack management and system setups and then when you round it all off and the information is delivered to the incorrect place the typical cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the money worldwide payroll and payments do not run efficiently if they rely 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 obstacles organization face when they’re paying to employees or otherwise that’s an excellent concern I always toss this back and state what is it what doesn’t require to be consisted of best and what does
it require 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 have to pay from the customer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is absolutely crucial however all over you look with payroll payment they are like very payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind 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 fundamental and technology is permitting us to type of move forward with that it also also to contribute to that payroll and finance require to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely essential that payroll and finance groups work more detailed together than ever um I’m constantly surprised when individuals state I have actually split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation 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 eventually 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 likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more crucial to add to kind of the level of intricacy there’s more and more advantages being organ or being used by businesses across the world so again you’re simply wanting to include more and 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’m sure but have you got any experience in kind of real difficulties or genuine tough sort of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would certainly say that the larger a company gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s really handling the payment side of things however you understand 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 require to produce extra handoffs while doing sos that we operate in they simply make them more timely they make them less effective and they don’t make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as challenging as it needs to be concurred and rightly as you said payroll is the single greatest liability that any company has from a cost point of view from an effect perspective on staff members it is definitely important that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments have to be done right it has the biggest damaging effect on individuals’s well-being and many other aspects if individuals aren’t paid uh I have actually constantly been surprised entering this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m unsure anybody on this kind of webinar has been informed thank you for processing my payroll properly if you have it ‘d be terrific to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an essential cycle we all become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think that’s how it’s seen from the external deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely important that all of this things is done properly so leveraging the first Global Payments very first payroll payment solution is an excellent initial step um supplying an end-to-end payroll solution for your staff members internationally once again I think is another huge um process again lining up and ensuring you have standardization Global processes all of those things are absolutely crucial to success success of companies and minimizing the number of tools platforms and checking account they require for their International payroll too couldn’t agree with you more and on the the front in regards to 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 5 or 10 or whatever it might be with the with the the problems where things haven’t gone quite where they’re meant to be um I do not think any of us are actually doing that for for the thanks
anyway we know how how crucial a role it is which’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 procedures and likewise so picture sorry I’m simply I was just gon na say think of the quantity of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re discussing hundreds of thousands potentially Millions imagine getting that lots of thank you keeps in mind um I suggest it ‘d be interesting to see the number of Post-it notes you got however it would definitely be a fascinating task trying to clean 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 really see what was going on and sort of shot to get back to everyone so moving on look why do business choose to main separate savings account there are Papaya Global Vs businesses out there doing precisely this for particular nations and I have actually operated in a service or numerous organizations doing precisely that I can state it does not constantly feel efficient and it does produce more work I know we’re not purposely doing that we’re not producing extra work for anyone where we do not have to and anyone that’s handling that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I believe numerous factors one is it’s the standard I think people have actually got so used to we need a new bank account we open an entity and rightly so you need it for payroll purposes however there are a variety of markets where it’s not a requirement so I think 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 people have actually looked at things like trust accounts and many other ways um to to kind of do it so I think there’s a variety I think this is a process that needs taking a look at it requires altering but ultimately people are extremely stuck to what they’re familiar
with right um modification is a tough thing all of us do not like modification um so I believe it’s just kind of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having keeping multiple savings account however there’s a huge amount of intricacy opts for establishing a savings account maintaining it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for individual individuals so the intricacy is big but I believe the honest response is change um individuals haven’t been able to alter or haven’t had necessarily the understanding to really make that change into alternate Solutions other than opening a bank account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an element of resistance to change but we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of moving on and moving into you know what could nearly be determined to be the next Century or two there is a lot to track and this approach does position several obstacles um so Johnny could you inform us about those obstacles yeah of course so there’s a variety right there is so
I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment tasks on one platform. It seems like our CFO has acquired another CFO, and with this boosted ability, I have effectively secured payments for our 10,000 staff members worldwide. Your dedication to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is more detailed, considering your achievements. Papaya Global Vs
I find time and time again the workers often misclassified unknowingly they do not comprehend the conditions of employment or contract and are informed by the customer why it’s most advantageous generally to the client why you must be used or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages 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 gone by they have not contributed to pensions Etc so it’s a big effect that they never knew they were strolling into you could not agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy companies are securing insurance coverage against misclassification but generally premiums are only covering the cost of legal fees whilst the average claim assessed versus employers relates to to 40 or 50 percent of the base salary of employee is there any point in taking out insurance 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 for the most part I have not 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 stuff you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK