Managing payroll globally is a daunting job … Growing Businesses Love Papaya Global…
How much revenue does the company make? Growing Businesses Love Papaya Global
Over the last five or six years …Growing Businesses Love Papaya Global… roles on the service provider side and likewise on the vendor side from a payroll viewpoint so actually looking forward to this discussion today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll just give everyone another couple of uh well one of the 30 seconds or two to join we all work back to back these days so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to sort of like see where everyone originates from and I truly 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 raining here it’s really really gloomy and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be taking a look at the obstacle years of handling International payroll why companies keep different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts enhancing papaya International payroll payments as a strategic possession uh we’ll also discuss a wrap-up and that needs to leave his time at the extremely extremely end for a q a session so as the title of the webinar recommends payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide workforces end up being more and more common and managing them becomes increasingly more complex International organizations are looking to discover Solutions and new methods to improve procedures especially from a payroll and cross-border payment viewpoint lots of organizations maintain separate checking account just for payroll while some have numerous accounts in various countries does it make good sense for business to keep different checking account in some cases in different nations it does however just for payroll is there a better method what function do virtual accounts and digital wallets likewise called virtual wallets play in assisting multinational business streamline the episode complex procedures of
making payroll payments accurately effectively firmly and on time throughout this webinar we’ll stroll you through the international benefits and drawbacks of a payroll wallet versus a payroll checking account how companies properly forecast their payroll costs to increase working capital and how improving Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be tough in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes complex for a variety of factors most notably regulations compliance data security and banking rules then there are the sheer numbers they include further complexity the international Workforce is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million companies and growing all doing their own thing around the world in the conventional payroll design there’s typically an overwhelming variety of various systems leading to time-consuming manual processes and silos the variety of Integrations could be non-existent in large quantities and or really extremely basic there’s no real consistency structure we’re residing in an age of tech however payroll has been slow 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 each time I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of companies say they have Workforce information in real time that’s another number that provides me sleepless nights and quite frankly the more an organization spends on international payroll the less of an image they see a lack of visibility also encompasses payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the deal almost half of global businesses have actually expressed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information data entry errors poorly communicated hires and terminations as well as absence management and system configurations and then when you round all of it off and the data is delivered to the wrong place the average expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they count on the necessary numerous processes systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re making payments to employees or otherwise that’s a good question I always throw this back and state what is it what does not need to be included right 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 nation 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 need to pay from the consumer’s own in-country account so there’s intricacy anywhere you look right eventually building a knowledge base is definitely crucial but everywhere you look with payroll payment they resemble extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is enabling us to sort of move forward with that it also too to contribute to that payroll and financing need to work closer together um with differing Savings account Details varying banking requirements and setup procedures is definitely vital that payroll and finance teams work better together than ever um I’m always surprised when individuals state I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate 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 often 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 wherever they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high worth on wellness and the compensation landscape is ending up being progressively elaborate. Organizations are continually introducing new benefits and payment alternatives, which contributes to the total intricacy. Big corporations frequently divide their payroll and payment processing into separate teams, which can lead to ineffectiveness and traffic jams. In my viewpoint, this doesn’t need to be the case. In today’s highly advanced period, there’s no justification for keeping troublesome treatments. Payroll, the company’s most significant expenditure, must be processed correctly and on time. Even slight hold-ups can adversely affect staff members’ well-being and have far-reaching repercussions. For that reason, it’s vital to focus on precise and timely payments.
payroll team get um so I’m not exactly 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 workers or not um however ultimately payroll is such an important cycle all of us become aware of it when it fails everybody jumps up and down when it goes wrong however when it goes right it’s simply a tick box workout 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 essential that all of this stuff is done properly so leveraging the first Global Payments first payroll payment service is a terrific first step um offering an end-to-end payroll solution for your staff members globally again I think is another substantial um process again lining up and ensuring you have standardization International procedures all of those things are absolutely crucial to success success of organizations and reducing 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 have actually never had a hundred countless them within a payroll cycle don’t expect to you do get the odd 5 or ten or whatever it might be with the with the the complaints where things have not gone rather where they’re meant to be um I do not think any of us are in fact doing that for for the thanks
anyway we know how how crucial 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 everybody that’s associated with those procedures and likewise so imagine sorry I’m simply I was simply gon na say imagine the amount of thanks you got if you could cover the quantity of individuals that we cover within this webinar I make certain we’re discussing numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting job attempting to clean all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to look through them and actually see what was going on and kind of try to get back to everyone so carrying on appearance why do companies select to main separate savings account there are Growing Businesses Love Papaya Global organizations out there doing exactly this for specific nations and I have actually worked in a service or lots of organizations doing precisely that I can state it does not always feel effective and it does develop more work I understand we’re not purposely doing that we’re not producing extra work for anyone where we do not have to and anyone that’s managing 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 quantity that we are I think lots of reasons one is it’s the standard I believe individuals have actually got so used to we need a brand-new savings 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 believe it’s simply been the standard and the norm the people have embraced and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a range I believe this is a procedure that requires looking at it needs changing however eventually people are extremely stuck with what they’re familiar
with best um change is a hard thing we all don’t like modification um so I believe it’s just sort 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 clearly the advantages of having maintaining numerous checking account however there’s a substantial quantity of intricacy opts for establishing a savings account keeping it guaranteeing it can send International transfers guaranteeing it’s established with the ideal user accesses for specific people so the intricacy is big however I think the honest response is change um individuals have not had the ability to alter or haven’t had always the understanding to actually make that change into alternate Solutions other than opening a savings account I believe you’ve struck the nail on the head I believe it is knowledge you understand 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 advantages and the possibilities of carrying on and moving into you know what might nearly be identified to be the next Century or two there is a lot to keep track of and this approach does posture several difficulties um so Johnny might you inform us about those difficulties yeah of course so there’s a variety right there is so
I just did you changed our Business 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 International workers you are worthy of a corner workplace with a closer parking space because I mastered International payroll and payments with Papaya payroll OS did you Growing Businesses Love Papaya Global
I find time and time again the employees often misclassified unknowingly they don’t understand the conditions of employment or agreement and are informed by the customer why it’s most advantageous primarily to the customer why you should be employed or participated in this fashion the employee might owe taxes and Social Security to the authorities the future pension and health care privileges of the worker can be impacted and several times it can be years before this all falls out and by that time it’s far too late years have gone by they haven’t added to pensions And so on so it’s a huge impact that they never knew they were strolling into you couldn’t 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 versus misclassification but usually premiums are just covering the cost of legal charges whilst the typical claim evaluated versus employers equates to to 40 or 50 percent of the base pay of worker is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read the small print it is not covering the taxes charge and interest for the most part I haven’t seen it at least so uh the the other location that I do think 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 rejected protection on the basis of the truth that you were not in compliance with laws um in the UK