Handling payroll globally is a complicated job … Payment History Report Papaya Global…
How much revenue does the company make? Payment History Report Papaya Global
Over the last 5 or 6 years …Payment History Report Papaya Global… roles on the company side and also on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you very much for your time everyone all right thanks Johnny uh we’ll simply give everybody another number of uh well one of the 30 seconds or so to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already simply to hear where everyone is um it’s nice to to kind of like see where everyone originates from and I truly do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s very extremely bleak and I want I was somewhere else at this moment in time okay so let’s get started our agenda for today is as follows um we are going to be taking a look at the challenge years of managing International payroll why companies maintain separate
Virtual payroll accounts are an option to conventional savings account for handling payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it streamlines the complicated procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different countries, virtual accounts and digital wallets provide a more structured solution. In this webinar, we will check out the advantages of using virtual payroll accounts and talk about why they are ending up being a tactical property for payroll executives. We will also offer a recap of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively safely and on time throughout this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how simplifying Worldwide payroll payments can turn them from a siled pane into a strategic possession so payroll can be difficult in sufficient in one country however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly policies compliance data security and banking guidelines then there are the large numbers they include more intricacy the worldwide Labor force is presently three and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and additional 1.1 billion individuals 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 all over the world in the standard payroll model there’s typically an overwhelming variety of various systems resulting in time-consuming manual procedures and silos the number of Combinations could be non-existent in large quantities and or extremely extremely fundamental there’s no genuine consistency framework we’re living in an era of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper which simply blows my mind whenever I I believe
about it to give you a concept of how far there still is to come according to Deloitte only 11 of companies state they have Workforce data in real time that’s another number that offers me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of a photo they see a lack of presence likewise encompasses payroll payments and inability to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide organizations have actually expressed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry mistakes inadequately communicated hires and terminations along with lack management and system configurations and after that when you round all of it off and the information is delivered to the incorrect location the average cost of an international information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the money around 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 point of view and in your experience what else needs to be factored into the difficulties business face when they’re making payments to employees or otherwise that’s a great question I always throw this back and state what is it what does not need to be included best and what does
it need to be thought about there’s differing Bank details so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best eventually building a knowledge base is absolutely vital however all over you look with payroll payment they resemble incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you look at the kind of link between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to sort of move on with that it also as well to contribute to that payroll and finance need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely important that payroll and finance teams work more detailed together than ever um I’m always astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being a growing number of essential to add to kind of the level of complexity there’s more and more benefits being organ or being used by organizations throughout the world so once again you’re simply aiming to include more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I’m sure however have you got any experience in kind of genuine difficulties or genuine tough kind of pay uses to play to pay individuals I think yeah I mean over the last well yeah a couple of years I would definitely 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 info into the next function as it were that’s really handling the payment side of things however you know in in my viewpoint and my experience that doesn’t necessarily need to be the case you know long gone are the times where we need to create extra handoffs in the processes that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you understand that we are working in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from a cost point of view from an effect perspective on staff members it is absolutely crucial that it’s done properly 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 harmful impact on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually constantly been impressed coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anyone on this type of webinar has been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however eventually payroll is such an essential cycle we all hear about it when it fails everybody jumps up and down when it goes wrong however 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 likewise like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment option is a terrific primary step um providing an end-to-end payroll solution for your workers internationally again I believe is another substantial um process again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely key to success success of companies and minimizing the variety of tools platforms and checking account they require for their International payroll too could not agree with you more and on the the front in terms of 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 five or ten or whatever it might be with the with the the problems where things have not gone rather where they’re implied to be um I do not believe any of us are in fact doing that for for the thanks
anyhow we understand how how important 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 everybody that’s associated with those procedures and likewise so think of sorry I’m simply I was just gon na state imagine the amount of thanks you got if you could cover the amount of people that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions envision 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 absolutely be an intriguing task attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to browse them and really see what was going on and type of try to return to everybody so moving on look why do companies pick to primary separate bank accounts there are Payment History Report Papaya Global companies out there doing exactly this for specific countries and I have actually operated in an organization or many organizations doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not producing additional work for anybody where we don’t need to and any person 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 many factors one is it’s the standard I think people have actually got so used to we require a brand-new checking account we open an entity and appropriately so you require it for payroll functions but there are a variety of markets where it’s not a requirement so I think it’s just been the requirement and the standard individuals have embraced and continue to do over years and years passed by to add to that people have actually 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 think this is a process that requires taking a look at it requires changing but eventually people are really stuck to what they recognize
with best um change is a tough thing all of us don’t like modification um so I think it’s simply sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend clearly the advantages of having maintaining several checking account but there’s a substantial amount of intricacy opts for setting up a savings account maintaining it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for individual people so the intricacy is huge but I think the sincere answer is change um individuals have not had the ability to change or haven’t had always the understanding to really make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change but we’ve constantly done it that way is no real reason for not taking a look at the the benefits and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century or so there is a lot to track and this technique does position numerous challenges um so Johnny might you inform us about those challenges yeah obviously 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 tasks on one platform. It seems like our CFO has actually acquired another CFO, and with this boosted ability, I have successfully protected payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is commendable. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Payment History Report Papaya Global
I find time and time again the workers typically misclassified unknowingly they do not comprehend the conditions of work or contract and are told by the client why it’s most advantageous primarily to the customer why you ought to be used or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker 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 haven’t contributed to pensions And so on so it’s a huge impact that they never 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 ten years um Kathy business are taking out insurance coverage against misclassification but normally premiums are just covering the cost of legal charges whilst the typical claim examined against companies equates to to 40 or 50 percent of the base salary of employee is there any point in getting 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 charge and interest in most cases I haven’t seen it at least 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 stuff you could be rejected coverage on the basis of the reality that you were not in compliance with laws um in the UK