Managing payroll internationally is a complicated job … Timesheets For Papaya Global Payroll…
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Over the last 5 or 6 years …Timesheets For Papaya Global Payroll… roles on the company side and likewise on the supplier side from a payroll perspective so truly looking forward to this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll simply give everyone another number of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll type 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 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 raining here it’s really really uninspiring and I want I was somewhere else at this moment in time alright so let’s get started our agenda for today is as follows um we are going to be looking at the challenge years of managing Worldwide payroll why business keep separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a strategic property uh we’ll also review a recap which ought to 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 more and more common and handling them ends up being increasingly more complicated Global companies are seeking to find Solutions and new ways to enhance procedures especially from a payroll and cross-border payment standpoint lots of organizations maintain different bank account just for payroll while some have multiple accounts in different countries does it make good sense for business to maintain different checking account sometimes in different countries it does but just for payroll is there a better way what function do virtual accounts and digital wallets likewise called virtual wallets play in helping international companies enhance the episode complex procedures of
Ensuring precise, effective, and timely payroll payments is a complex difficulty for companies running internationally. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll savings account, discover how companies anticipate payroll costs to optimize working capital, and discover how simplifying global payroll payments can change them from a troublesome job into a tactical asset.
due to various policies, compliance requirements, information security issues, and banking guidelines. The sheer variety of staff members and services contributes to the complexity, with an estimated 3.5 billion individuals in the global labor force, 500 million of whom are in Africa, and 230 million services worldwide.
Traditional payroll systems often result in manual procedures, data silos, and a lack of integration, causing inconsistencies and ineffectiveness. Regardless of living in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to provide insights and options to streamline and optimize global payroll payments.
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force data in real time that’s another number that offers me sleepless nights and rather honestly the more a business invests in global payroll the less of a photo they see an absence of exposure also encompasses payroll payments and failure to precisely track these payments can lead to compliance incidents in the last mile of the transaction nearly half of international companies have actually expressed that they don’t have the level of standardization they require in their procedures or want and as a result eighty percent of errors are because of time reporting poor HCM data information entry errors poorly interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is shipped to the wrong place the average cost of a global information 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 smoothly if they rely on the needed several processes systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges company face when they’re making payments to workers or otherwise that’s an excellent concern I constantly throw this back and state what is it what does not need to be included ideal and what does
it require to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan 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 complexity anywhere you look best ultimately developing a knowledge base is absolutely crucial however all over you look with payroll payment they are like extremely payments no if however some babies 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 believe there’s now a bit more recognition that payroll payments are definitely essential and innovation is allowing us to kind of progress with that it also as well to add to that payroll and finance need to work closer together um with differing Checking account Particulars varying banking requirements and setup procedures is definitely necessary that payroll and finance teams work better together than ever um I’m constantly astonished when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll profession would they split the payroll payment from computation 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 procedure 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 crucial to add to sort of the level of intricacy there’s more and more benefits being organ or being used by organizations throughout the world so once again you’re just aiming to add increasingly 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 genuine obstacles or genuine challenging 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 state that the bigger a service gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the job there are teams feeding details into the next function as it were that’s actually managing the payment side of things but you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we need to develop additional handoffs at the same times that we run in they just make them more prompt they make them less efficient and they do not make them what they require to be in in an age of tech and an age that you know that we are working in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you stated payroll is the single greatest liability that any business has from a cost point of view from an impact perspective on workers it is definitely crucial that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the biggest harmful result on people’s well-being and many other aspects if people aren’t paid uh I have actually constantly been astonished entering this Market sort of the last five to ten years is how little thanks the
payroll group get um so I’m not sure anybody on this type of webinar has actually been told 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 ultimately payroll is such an essential cycle we all find out about it when it fails everyone jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I believe 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 things is absolutely crucial that all of this things is done correctly so leveraging the very first Worldwide Payments very first payroll payment service is an excellent primary step um providing an end-to-end payroll solution for your staff members globally again I think is another huge um process once again aligning and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of services and minimizing the number of tools platforms and checking account they require for their Worldwide 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 had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyhow we know how how crucial 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 easy as possible for everybody that’s associated with those procedures and also so think of sorry I’m just I was just gon na state think of the quantity of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions picture getting that many 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 certainly be an intriguing job trying to clean all those up for sure oh definitely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to browse them and actually see what was going on and sort of try to return to everyone so proceeding appearance why do companies pick to primary separate bank accounts there are Timesheets For Papaya Global Payroll businesses out there doing precisely this for particular countries and I’ve operated in a company or many businesses doing precisely that I can say it does not constantly feel effective and it does produce more work I understand we’re not deliberately doing that we’re not creating additional work for anybody where we do not have to and any person 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 quantity that we are I believe lots of 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 require it for payroll purposes 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 the people have actually embraced and continue to do over years and years passed by to add to that individuals have 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 believe this is a process that needs taking a look at it needs altering however eventually individuals are extremely stuck to what they recognize
with ideal um change is a hard thing we all don’t like change um so I think it’s just sort of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I comprehend clearly the advantages of having maintaining multiple checking account however there’s a substantial quantity of intricacy chooses setting up a checking account preserving it ensuring it can send International transfers guaranteeing it’s set up with the right user accesses for specific individuals so the intricacy is big but I believe the truthful response is modification um people have not been able to change or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a checking account I believe you’ve struck the nail on the head I think it is understanding you know and there is an aspect of resistance to change however we’ve constantly done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you know what might nearly be determined to be the next Century or so there is a lot to keep track of and this approach does posture several challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a variety 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 tasks on one platform. It feels like our CFO has gotten another CFO, and with this boosted capability, I have successfully secured payments for our 10,000 workers worldwide. Your dedication to mastering global payroll and payments using Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. Timesheets For Papaya Global Payroll
I discover time and time again the workers frequently misclassified unconsciously they do not comprehend the conditions of employment or agreement and are informed by the customer why it’s optimum generally to the client why you should be employed or taken part in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee 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 haven’t added to pensions Etc so it’s a huge impact that they never ever understood they were strolling into you couldn’t agree with you more if you say the UK for example hmrc can return as much as 10 years um Kathy business are securing insurance against misclassification however usually premiums are just covering the cost of legal charges whilst the average claim evaluated versus employers equates to to 40 or half of the base salary of employee exists any point in securing insurance and what is the alternative yeah to your point um you do need to read the fine print it is not covering the taxes charge and interest in many cases I haven’t seen it a minimum of so uh the the other area that I do believe if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK