Handling payroll worldwide is a daunting task … Indeed Papaya Global…
How much revenue does the company make? Indeed Papaya Global
Over the last 5 or 6 years …Indeed Papaya Global… functions on the company side and likewise on the vendor side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds approximately to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be rather intriguing 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 comes from and I truly 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 extremely very bleak and I wish I was somewhere else 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 difficulty years of handling Global payroll why companies maintain separate
savings account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll costs using virtual payroll accounts streamlining papaya International payroll payments as a strategic property uh we’ll also review a recap which ought to leave his time at the really 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 International workforces end up being more and more typical and handling them ends up being increasingly more complex International companies are seeking to discover Solutions and new methods to enhance processes particularly from a payroll and cross-border payment viewpoint lots of companies preserve different checking account just for payroll while some have several accounts in various countries does it make sense for companies to maintain separate bank accounts sometimes in different countries it does but just for payroll is there a much better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies simplify the episode complex procedures of
Ensuring precise, efficient, and prompt payroll payments is a complex obstacle for companies running worldwide. Join us for a webinar to explore the advantages and disadvantages of payroll wallets versus payroll checking account, discover how companies anticipate payroll costs to enhance working capital, and find how streamlining worldwide payroll payments can change them from a difficult job into a strategic property.
due to various policies, compliance requirements, information security issues, and banking rules. The large variety of staff members and organizations adds to the intricacy, with an estimated 3.5 billion people in the international labor force, 500 countless whom are in Africa, and 230 million services worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and a lack of combination, causing disparities and ineffectiveness. Despite living in an era of technological improvements, payroll management has been sluggish to adjust, with as much as 25% of payroll still processed manually, frequently using pen and paper. This webinar goals to offer insights and services to simplify and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of services state they have Labor force data 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 photo they see a lack of visibility likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance accidents in the last mile of the deal nearly 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 mistakes are due to time reporting poor HCM information data entry errors badly interacted hires and terminations along with lack management and system configurations and then when you round it all off and the data is delivered to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money all over the world payroll and payments do not run efficiently if they depend on the essential numerous processes systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the challenges organization face when they’re making payments to staff members or otherwise that’s a great question I constantly throw this back and state what is it what does not require to be included right and what does
it need to be thought about there’s differing Bank details 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 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 any place you look right ultimately constructing a knowledge base is definitely critical but everywhere you look with payroll payment they are like super payments no if but some children about it you are all superheroes processing payments for payroll if you take a look at the kind 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 fundamental and innovation is enabling us to kind of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Checking account Details differing banking requirements and setup processes is definitely vital that payroll and finance groups work better together than ever um I’m constantly surprised when people say I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t 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 often 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 individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the
The modern world places a high value on well-being and the payment landscape is becoming increasingly intricate. Services are continuously introducing new benefits and payment options, which adds to the overall intricacy. Large corporations often divide their payroll and payment processing into different groups, which can lead to ineffectiveness and bottlenecks. In my viewpoint, this doesn’t need to hold true. In today’s technologically advanced age, there’s no reason for keeping troublesome procedures. Payroll, the business’s greatest cost, need to be processed properly and on time. Even slight hold-ups can negatively affect workers’ wellness and have far-reaching consequences. Therefore, it’s critical to focus on accurate and timely payments.
The payroll team may not have actually been thanked for properly processing payroll throughout a webinar. If anyone has actually been thanked, it would be excellent to hear their success story, whether it’s from all employees or not. Payroll is a crucial cycle, and people just see when things fail. However, when things go right, it’s viewed as simply a regular task. This is how it’s viewed externally as well. Therefore, it is necessary to make sure that tasks like Wi-Fi International and other crucial matters are done correctly. Using the first Global Payments first payroll payment service is a terrific initial action towards providing a comprehensive payroll solution for employees worldwide. Standardization, international procedures, and decreasing the variety of tools, platforms, and savings account required for worldwide payroll are key factors in accomplishing company success. While we do not anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a couple of complaints when things don’t go as planned. Eventually, we don’t do it for the appreciation.
anyhow we know how how essential 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 everyone that’s associated with those procedures and also so picture sorry I’m simply I was simply gon na say think of the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions envision getting that lots of thank you keeps in mind um I mean it ‘d be interesting to see the number of Post-it notes you got but it would definitely be an intriguing task trying to clean all those up for sure oh definitely I can’t envision 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 try to return to everyone so moving on look why do business pick to main separate checking account there are Indeed Papaya Global companies out there doing precisely this for particular nations and I’ve operated in a service or lots of businesses doing exactly that I can say it doesn’t always feel effective and it does produce more work I understand we’re not purposely doing that we’re not developing additional work for any person where we don’t need to and anybody that’s dealing with that process 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 requirement I think people have actually got so utilized to we require a new bank account we open an entity and appropriately 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 just been the standard and the norm the people have embraced and continue to do over years and years gone past to contribute to that people have taken a look at things like trust accounts and many other ways um to to type of do it so I think there’s a variety I believe this is a procedure that needs looking at it needs changing however eventually individuals are very stuck with what they recognize
with right um modification is a challenging thing all of us do not like modification um so I believe it’s simply kind of moving far from the standard as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining multiple bank accounts however there’s a huge amount of complexity opts for setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the ideal user accesses for private individuals so the intricacy is huge however I believe the honest response is change um people haven’t been able to alter or haven’t had necessarily the understanding to truly make that change into alternate Solutions aside from opening a savings account I believe you have actually struck the nail on the head I believe it is understanding you understand and there is an element of resistance to alter but we have actually always done it that way is no real excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what might practically be determined to be the next Century or so there is a lot to monitor and this method does present several challenges um so Johnny could you inform us about those difficulties yeah obviously so there’s a variety right there is so
I simply did you changed our Enterprise 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 Global employees you are worthy of a corner workplace with a more detailed parking space because I mastered Global payroll and payments with Papaya payroll OS did you Indeed Papaya Global
I find time and time again the employees frequently misclassified unwittingly they don’t comprehend the conditions of employment or agreement and are informed by the customer why it’s optimum primarily to the client why you ought to be employed or taken part in this fashion the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the employee can be affected and several 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 have not contributed to pensions Etc so it’s a big effect that they never understood they were strolling 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 securing insurance versus misclassification but generally premiums are just covering the cost of legal costs whilst the average claim assessed against employers corresponds to to 40 or 50 percent of the base pay of worker exists any point in securing 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 have not seen it at least 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 stuff you could be rejected coverage on the basis of the truth that you were not in compliance with laws um in the UK