Handling payroll worldwide is a complicated task … How Does Papaya Global Work…
How much revenue does the company make? How Does Papaya Global Work
Over the last five or 6 years …How Does Papaya Global Work… functions on the supplier side and likewise on the supplier side from a payroll perspective so actually anticipating this conversation today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply provide everybody another number of uh well among the 30 seconds or two to join we all work back to back these days so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everybody is um it’s nice to to sort of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s raining here it’s really very uninspiring and I want I was somewhere else at this moment in time fine 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 Global payroll why companies keep separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts enhancing papaya Worldwide payroll payments as a strategic possession uh we’ll likewise discuss a wrap-up and that needs to leave his time at the very extremely end for a q a session so as the title of the webinar suggests payroll execs on relocating to Virtual payroll accounts and here is why as dispersed to remote and International workforces end up being more and more typical and handling them becomes increasingly more intricate Global organizations are looking to discover Solutions and brand-new ways to enhance processes specifically from a payroll and cross-border payment perspective numerous companies preserve different bank account just for payroll while some have several accounts in different nations does it make good sense for business to maintain different checking account in some cases in various nations it does however just for payroll exists a better way what role do virtual accounts and digital wallets likewise referred to as virtual wallets play in assisting international business streamline the episode complex procedures of
making payroll payments properly efficiently securely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be tough in adequate in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of reasons most significantly regulations compliance data security and banking rules then there are the sheer numbers they include further complexity the global Workforce is currently 3 and a half billion people by 2030 it’s approximated that in Africa alone they will contribute and more 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 conventional payroll design there’s frequently a frustrating variety of various systems leading to lengthy manual procedures and silos the variety of Combinations could be non-existent in large amounts and or extremely really fundamental there’s no real consistency structure we’re residing in a period 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 typically with pen and paper which just blows my mind whenever I I believe
about it to offer you an idea of how far there still is to come according to Deloitte only 11 of organizations state they have Workforce data in real time that’s another number that offers me sleep deprived nights and quite honestly the more a service invests in global payroll the less of a photo they see an absence of presence likewise reaches payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of international organizations have expressed that they do not have the level of standardization they need 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 interacted hires and terminations in addition to lack management and system setups and then when you round all of it off and the data is delivered to the incorrect place the typical expense of an international data breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the globe payroll and payments do not run efficiently if they rely on the necessary multiple 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 organization face when they’re paying to employees or otherwise that’s a good question I always throw this back and state what is it what doesn’t need to be consisted of best and what does
it need to be thought about there’s differing 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 abilities 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 wherever you look best ultimately constructing a knowledge base is absolutely vital but all over you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the type 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 fundamental and technology is permitting us to sort of move on with that it also also to contribute to that payroll and financing need to work closer together um with varying Bank Account Particulars varying banking requirements and setup processes is absolutely important that payroll and finance teams work better together than ever um I’m always surprised when individuals state I have actually split payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide the payroll payment from computation 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 data collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory third parties so with the
world we live in and wellness being a growing number of essential to contribute to sort of the level of intricacy there’s a growing number of benefits being organ or being used by organizations throughout the world so again you’re just aiming to add more and more payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I make certain however have you got any experience in kind of genuine obstacles or genuine tough sort of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a number of years I would absolutely say that the larger a business gets the more it tends to segregate the payroll and the payments functions um there are groups doing one part of the job there are teams feeding information into the next function as it were that’s really managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we require to produce extra handoffs at the same times that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in a period of tech and an era that you know that we are operating in today there is no reason why we are still making this as difficult as it requires to be agreed and rightly as you stated payroll is the single biggest liability that any organization has from an expense perspective from an impact point of view on workers it is definitely critical that it’s done properly and on time so what we suggest 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 people’s wellness and numerous other aspects if individuals aren’t paid uh I’ve constantly been astonished entering into this Market type of the last 5 to 10 years is how little thanks the
payroll team get um so I’m unsure anybody on this sort of webinar has actually 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 employees or not um however ultimately payroll is such an essential cycle we all become aware of it when it fails everybody 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 consider as well um so yeah it’s also like why WI-Fi Global why all of this things is definitely crucial that all of this stuff is done properly so leveraging the first Global Payments first payroll payment option is a fantastic primary step um supplying an end-to-end payroll solution for your workers globally again I believe is another huge um procedure once again aligning and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of organizations and reducing the variety of tools platforms and bank accounts they need for their International payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or ten or whatever it might be with the with the the grievances where things haven’t gone rather where they’re meant to be um I don’t believe any of us are actually doing that for for the thanks
anyway we know how how important a function 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 simple as possible for everybody that’s associated with those processes and likewise so envision sorry I’m just I was simply gon na state picture 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 speaking about numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I suggest it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean up 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 in fact see what was going on and type of try to return to everybody so moving on appearance why do business choose to primary different savings account there are How Does Papaya Global Work services out there doing exactly this for specific nations and I have actually worked in an organization or numerous companies doing exactly that I can say it doesn’t always feel efficient and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we don’t need to and anyone that’s handling 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 lots of 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 rightly so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to contribute to that individuals 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 range I think this is a procedure that requires taking a look at it needs changing but ultimately people are extremely stuck with what they’re familiar
with best um change is a difficult thing we all do not like change um so I believe it’s just type of moving far from the norm as we have actually said so yeah so it keeps a great deal of track of stuff um I comprehend obviously the benefits of having keeping multiple bank accounts but there’s a substantial amount of complexity opts for establishing a bank account maintaining it ensuring it can send International transfers guaranteeing it’s established with the ideal user accesses for specific individuals so the complexity is big however I think the truthful response is change um individuals have not had the ability to alter or have not had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you have actually hit the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however 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 understand what might practically be figured out to be the next Century or so there is a lot to monitor and this method does present several obstacles 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 switched our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global workers you are worthy of a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you How Does Papaya Global Work
I discover time and time again the workers frequently misclassified unknowingly they do not understand the conditions of work or contract and are told by the customer why it’s optimum primarily to the client why you must be employed or taken part in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be impacted 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 have not contributed to pensions And so on so it’s a huge impact that they never ever understood they were walking into you couldn’t agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy companies are taking out insurance coverage against misclassification however typically premiums are just covering the expense of legal charges whilst the typical claim evaluated against companies corresponds to to 40 or 50 percent of the base pay of employee is there any point in getting insurance coverage 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 most of the times I haven’t seen it a minimum of so uh the the other location 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 rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK