Managing payroll internationally is a complicated job … How To Run Papaya Global…
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Over the last 5 or six years …How To Run Papaya Global… roles on the company side and likewise on the supplier side from a payroll perspective so truly anticipating this conversation today um and yeah thank you very much for your time everyone alright thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll kind 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 everyone originates from and I really 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 really very uninspiring and I wish I was elsewhere at this moment in time fine so let’s begin our program for today is as follows um we are going to be taking a look at the challenge years of managing Worldwide payroll why business maintain different
Virtual payroll accounts are an alternative to standard bank accounts for managing payroll payments. This is particularly useful for global organizations with dispersed and remote labor forces, as it simplifies the complex process of cross-border payments. Instead of maintaining different bank accounts for payroll in different nations, virtual accounts and digital wallets provide a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and go over why they are ending up being a strategic asset for payroll executives. We will also provide a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
making payroll payments precisely effectively securely 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 business properly forecast their payroll expenses 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 sufficient in one nation but when you’re doing it worldwide it’s next level and Beyond it becomes intricate for a variety of factors most importantly policies compliance data security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Labor force is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and further 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 all over the world in the traditional payroll design there’s often an overwhelming variety of various systems resulting in time-consuming manual processes and silos the number of Combinations could be non-existent in big quantities and or really really fundamental 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 often with pen and paper which simply blows my mind whenever I I think
about it to give you an idea of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that offers me sleepless nights and rather frankly the more a business invests in global payroll the less of an image they see an absence of visibility likewise encompasses payroll payments and inability to properly track these payments can cause compliance incidents in the last mile of the deal almost half of global organizations have 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 data entry errors inadequately communicated hires and terminations along with absence management and system configurations and then when you round all of it off and the data is shipped to the wrong location the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash around the world payroll and payments don’t run smoothly if they rely on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges organization face when they’re paying to workers or otherwise that’s a great concern I constantly toss this back and state what is it what doesn’t require to be consisted of right 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 country there’s payment amount of time 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 customer’s own in-country account so there’s complexity any place you look ideal ultimately building a knowledge base is definitely vital but everywhere you look with payroll payment they are like incredibly payments no if but some infants 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 acknowledgment that payroll payments are definitely basic and technology is allowing us to type of move forward with that it also too to add to that payroll and finance require to work closer together um with differing Checking account Details differing banking requirements and setup processes is absolutely imperative that payroll and finance teams work more detailed together than ever um I’m constantly astonished when individuals say I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who doesn’t work in the payroll occupation 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 often split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and wellness being increasingly more important to add to type of the level of complexity there’s a growing number of benefits being organ or being provided by companies across the world so once again you’re just looking to include a growing number of payments to this already intricate landscape so if you kind of got any experience well I’m from your huge experience here and I’m sure but have you got any experience in kind of real challenges or real challenging sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would absolutely say that the larger a company gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s actually handling 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 create additional handoffs at the same times that we run in they simply make them more prompt they make them less effective and they don’t make them what they need to be in in a period 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 tough as it needs to be concurred and appropriately as you stated payroll is the single most significant liability that any organization has from a cost viewpoint from an effect perspective on employees it is definitely crucial that it’s done correctly 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 most significant destructive impact on individuals’s wellness and many other aspects if individuals aren’t paid uh I’ve constantly been impressed entering into this Market type of the last five to ten years is how little thanks the
The payroll team may not have actually been thanked for properly processing payroll during a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all staff members or not. Payroll is an essential cycle, and people just see when things go wrong. However, when things go right, it’s seen as simply a regular task. This is how it’s viewed externally too. Therefore, it is necessary to make sure that jobs like Wi-Fi Worldwide and other crucial matters are done properly. Using the very first Global Payments first payroll payment option is a great preliminary action towards offering a comprehensive payroll service for staff members worldwide. Standardization, worldwide processes, and lowering the number of tools, platforms, and checking account essential for global payroll are crucial factors in accomplishing service success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do occasionally get a couple of complaints when things don’t go as planned. Ultimately, we do not do it for the gratitude.
anyhow we understand how how essential 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 everyone that’s associated with those processes and likewise so picture sorry I’m simply I was simply gon na state 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 speaking about numerous thousands potentially Millions think of getting that lots of thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got but it would certainly be an interesting job trying to clean all those up for sure oh absolutely I can’t imagine the size of my my Outlook inbox if that held true um you ‘d require days of the week to try to check out them and actually see what was going on and kind of shot to get back to everyone so carrying on appearance why do companies choose to primary different bank accounts there are How To Run Papaya Global businesses out there doing exactly this for particular nations and I have actually operated in a service or many businesses doing precisely that I can say it doesn’t always feel efficient and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we do not have to and anybody that’s managing 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 numerous factors one is it’s the requirement I believe individuals have actually got so used to we require a brand-new bank account we open an entity and rightly so you require it for payroll purposes 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 actually adopted and continue to do over years and years gone past to contribute to that individuals have looked at things like trust accounts and many other ways um to to type of do it so I believe there’s a variety I believe this is a procedure that requires taking a look at it requires changing however ultimately people are extremely stuck to what they’re familiar
with ideal um change is a difficult thing all of us do not like change um so I think it’s simply kind of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend clearly the benefits of having keeping several savings account however there’s a huge amount of complexity goes with establishing a savings account preserving it guaranteeing it can send out International transfers ensuring it’s established with the right user accesses for individual individuals so the intricacy is huge however I think the honest response is change um individuals have not been able to alter or have not had necessarily the understanding to truly make that change into alternate Solutions aside from opening a checking account I believe you’ve hit the nail on the head I think it is knowledge you know and there is a component of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what might nearly be determined to be the next Century or so there is a lot to keep an eye on and this method does posture several challenges um so Johnny might you inform us about those obstacles yeah obviously so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It feels like our CFO has gained another CFO, and with this enhanced ability, I have actually successfully secured payments for our 10,000 employees worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner workplace with a parking space that is closer, considering your accomplishments. How To Run Papaya Global
I discover time and time again the employees often misclassified unwittingly they do not understand the conditions of employment or contract and are told by the client why it’s most advantageous mainly to the customer why you should be used or participated in this style the employee may owe taxes and Social Security to the authorities the future pension and health care benefits 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 gone by they haven’t added to pensions Etc so it’s a big effect that they never ever understood they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can go back as much as ten years um Kathy business are securing insurance versus misclassification but typically premiums are only covering the expense of legal costs whilst the average claim examined versus employers corresponds to to 40 or half of the base pay of worker exists any point in taking out 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 penalty and interest in many cases I have not seen it at least so uh the the other area that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the fact that you were not in compliance with laws um in the UK