Handling payroll globally is a complicated job … Setting Up Papaya Global…
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Over the last 5 or six years …Setting Up Papaya Global… roles on the provider side and likewise on the vendor side from a payroll perspective so actually eagerly anticipating this discussion today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody another number of uh well one of the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on already just to hear where everyone 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 remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s really really gloomy and I want I was elsewhere at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be looking at the difficulty years of handling Global payroll why business preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll also go over a recap which 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 relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become increasingly more common and managing them becomes increasingly more intricate Worldwide organizations are wanting to find Solutions and new methods to improve processes especially from a payroll and cross-border payment perspective numerous companies preserve separate savings account just for payroll while some have multiple accounts in various nations does it make sense for business to keep separate checking account in some cases in various countries it does however just for payroll is there a better way what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies streamline the episode complex procedures of
Guaranteeing precise, effective, and prompt payroll payments is a complex challenge for services operating internationally. Join us for a webinar to check out the benefits and disadvantages of payroll wallets versus payroll savings account, learn how companies anticipate payroll costs to optimize working capital, and find how improving global payroll payments can transform them from a difficult task into a tactical property.
due to numerous guidelines, compliance requirements, information security issues, and banking rules. The large number of workers and organizations adds to the complexity, with an estimated 3.5 billion people in the international labor force, 500 countless whom remain in Africa, and 230 million services worldwide.
Standard payroll systems frequently result in manual processes, data silos, and a lack of integration, resulting in disparities and ineffectiveness. Despite residing in a period of technological improvements, payroll management has been slow to adjust, with as much as 25% of payroll still processed manually, typically utilizing pen and paper. This webinar goals to offer insights and services to streamline and enhance global payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of companies state they have Labor force information in real time that’s another number that gives me sleep deprived nights and rather frankly the more a business invests in international payroll the less of a picture they see a lack of visibility also extends to payroll payments and inability to precisely track these payments can cause compliance incidents in the last mile of the deal almost half of international organizations have actually revealed that they don’t have the level of standardization they require in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information information entry mistakes badly communicated hires and terminations as well as absence management and system setups and then when you round all of it off and the information is delivered to the wrong place the typical expense of a worldwide data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money worldwide payroll and payments don’t run efficiently if they count on the required numerous procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the difficulties service face when they’re making payments to staff members or otherwise that’s an excellent question I always toss this back and say what is it what does not need to be consisted of best and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities 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 ultimately building a knowledge base is definitely important but all over you look with payroll payment they resemble very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort 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 technology is enabling us to kind of move forward with that it likewise 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 processes is definitely imperative that payroll and finance teams work better together than ever um I’m always surprised when people state I have actually divided payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll occupation would they split the payroll payment from estimation 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 process it’s the point of data collection all the way through to paying people anywhere they are but likewise 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 kind of the level of complexity there’s a growing number of benefits being organ or being provided by businesses throughout the world so again you’re simply wanting to add a growing number of payments to this already complicated landscape so if you sort of got any experience well I’m from your vast experience here and I’m sure but have you got any experience in kind of genuine obstacles or genuine tough sort of pay uses to play to pay people I believe yeah I indicate over the last well yeah a number of years I would definitely state 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 job there are teams feeding details into the next function as it were that’s really managing the payment side of things but you understand in in my opinion and my experience that does not always require to be the case you know long gone are the times where we require to create additional handoffs at the same times that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in a period of tech and a period that you know that we are working in today there is no reason why we are still making this as hard as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any company has from a cost point of view from an effect viewpoint on workers it is definitely crucial that it’s done correctly and on time so what we mean 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 result on individuals’s well-being and numerous other aspects if individuals aren’t paid uh I have actually always been surprised coming into this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this type of webinar has been told thank you for processing my payroll correctly if you have it ‘d be great to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us hear about it when it goes wrong everybody jumps up and down when it fails 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 stuff is definitely important that all of this stuff is done correctly so leveraging the very first Worldwide Payments first payroll payment service is a fantastic first step um providing an end-to-end payroll option for your staff members globally again I believe is another huge um process again aligning and guaranteeing you have standardization Global processes all of those things are definitely essential to success success of organizations and decreasing the number 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 anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things haven’t gone quite where they’re implied to be um I do not believe any of us are in fact 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 everybody that’s associated with those procedures and also so envision sorry I’m simply I was just gon na state envision the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I make certain we’re talking about hundreds of thousands potentially Millions think of getting that lots of thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got however it would absolutely be an intriguing task trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and actually see what was going on and sort of shot to get back to everyone so moving on look why do business pick to main different bank accounts there are Setting Up Papaya Global services out there doing precisely this for particular nations and I have actually operated in a company or numerous organizations doing exactly that I can say it does not constantly feel effective and it does create more work I understand we’re not purposely doing that we’re not developing extra work for anybody where we do not need to and any person that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the amount that we are I believe many reasons one is it’s the standard I think individuals have actually got so used to we need a new savings account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard individuals have embraced and continue to do over years and years passed by to add to that individuals have taken a look at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a variety I believe this is a procedure that requires looking at it requires changing however ultimately people are very stuck to what they’re familiar
with ideal um modification is a tough thing we all do not like modification um so I believe it’s just kind of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the advantages of having preserving multiple savings account however there’s a huge quantity of complexity goes with establishing a checking account maintaining it ensuring it can send out International transfers ensuring it’s established with the best user accesses for specific individuals so the intricacy is big but I think the honest response is change um individuals have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I believe you have actually struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of moving on and moving into you understand what could almost be determined to be the next Century or two there is a lot to track and this approach does pose a number of difficulties um so Johnny might you tell us about those challenges yeah naturally so there’s a range right there is so
I recently made a modification to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this boosted ability, I have actually successfully protected payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments using Papaya payroll OS is good. You are worthy of a corner office with a parking space that is better, considering your accomplishments. Setting Up Papaya Global
I find time and time again the workers frequently misclassified unconsciously they do not comprehend the conditions of work or agreement and are told by the customer why it’s most advantageous mainly to the customer why you should be utilized or taken part in this style the employee might owe taxes and Social Security to the authorities the future pension and health care advantages of the employee can be impacted and a number of 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 contributed to pensions Etc so it’s a huge effect that they never ever knew they were walking into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are getting insurance versus misclassification but typically premiums are only covering the expense of legal fees whilst the average claim evaluated against companies relates to to 40 or 50 percent of the base salary of employee is there any point in taking out insurance coverage 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 at least so uh the the other location 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 coverage on the basis of the reality that you were not in compliance with laws um in the UK