Handling payroll worldwide is an overwhelming task … Jesse Burgess Papaya Global…
How much revenue does the company make? Jesse Burgess Papaya Global
Over the last 5 or 6 years …Jesse Burgess Papaya Global… roles on the provider side and also on the supplier side from a payroll perspective so actually looking forward to this conversation today um and yeah thank you very much for your time everybody okay thanks Johnny uh we’ll just give everyone another number of uh well among the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite intriguing and I can see it going on already simply to hear where everybody is um it’s nice to to type 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 very very dreary and I want I was somewhere else 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 handling Global payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya Global payroll payments as a strategic possession uh we’ll likewise go over a recap and that should leave his time at the really 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 typical and handling them becomes increasingly more complex International organizations are looking to find Solutions and brand-new ways to simplify procedures particularly from a payroll and cross-border payment viewpoint lots of companies maintain different bank account just for payroll while some have multiple accounts in various nations does it make sense for business to preserve different bank accounts sometimes in different countries it does but just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in assisting multinational business simplify the episode complex processes of
making payroll payments precisely efficiently firmly and on time during this webinar we’ll walk you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll bank account how business accurately forecast their payroll costs to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a tactical asset so payroll can be difficult in adequate in one country however when you’re doing it internationally it’s next level and Beyond it ends up being intricate for a range of reasons most importantly guidelines compliance data security and banking guidelines then there are the sheer numbers they include further complexity the worldwide Workforce is presently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is presently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll model there’s typically a frustrating variety of different systems causing lengthy manual procedures and silos the number of Integrations could be non-existent in big quantities and or very very basic there’s no real consistency framework we’re residing in a period 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 and that simply blows my mind every time I I believe
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce data in real time that’s another number that gives me sleep deprived nights and quite frankly the more a service invests in global payroll the less of a photo they see a lack of visibility also extends to payroll payments and failure to precisely track these payments can cause compliance accidents in the last mile of the deal nearly half of global companies have actually expressed that they do not have the level of standardization they require in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM data data entry mistakes poorly communicated hires and terminations as well as absence management and system configurations and then when you round it all off and the data is shipped to the wrong location the average cost 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 don’t run smoothly if they rely on the necessary numerous procedures systems and partners it is simply not possible so Johnny from a payments perspective and in your experience what else requires to be factored into the difficulties company face when they’re paying to workers or otherwise that’s an excellent question I always throw this back and state what is it what does not require to be consisted of right and what does
it require to be thought about there’s varying Bank details 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 have to pay from the consumer’s own in-country account so there’s intricacy wherever you look ideal ultimately building a knowledge base is absolutely crucial but everywhere you look with payroll payment they resemble very payments no if however 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 permitting us to type of progress with that it also also to add to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup processes is absolutely essential that payroll and finance teams work better together than ever um I’m always surprised when people state I’ve split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so frequently split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people anywhere they are but likewise paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more crucial to add to kind of the level of intricacy there’s a growing number of advantages being organ or being provided by businesses across the world so again you’re simply aiming to include more and more payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make sure but have you got any experience in kind of genuine difficulties or genuine tough sort of pay utilizes to play to pay people I think yeah I indicate over the last well yeah a number of decades I would definitely state that the larger a service 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 actually managing the payment side of things however you understand in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we need to develop extra handoffs in the processes that we operate in they just make them more prompt they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you know that we are operating in today there is no reason we are still making this as tough as it requires to be concurred and appropriately as you said payroll is the single greatest liability that any company has from a cost point of view from an impact viewpoint on employees it is absolutely vital that it’s done properly and on time so what we imply 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 damaging impact on people’s well-being and numerous other elements if individuals aren’t paid uh I’ve constantly been astonished coming into this Market sort of the last 5 to ten years is how little thanks the
payroll team get um so I’m not exactly sure anyone on this kind of webinar has been told thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all staff members or not um however ultimately payroll is such an important cycle all of us find out about 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 think that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this things is done correctly so leveraging the first Worldwide Payments first payroll payment service is a great primary step um supplying an end-to-end payroll option for your staff members globally again I believe is another huge um process again aligning and guaranteeing you have standardization Worldwide procedures all of those things are absolutely essential to success success of organizations and decreasing the variety of tools platforms and savings account they require for their Worldwide 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’ve never ever had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd five or 10 or whatever it might be with the with the the problems where things haven’t gone rather where they’re suggested to be um I do not think any of us are really doing that for for the thanks
anyhow we understand 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 everyone that’s associated with those procedures and also so envision sorry I’m simply I was simply gon na say envision the quantity of thanks you got if you could cover the amount of individuals that we cover within this webinar I make certain we’re discussing hundreds of thousands possibly Millions imagine getting that numerous thank you notes um I indicate it ‘d be interesting to see how many Post-it notes you got but it would definitely be an interesting task attempting to clean all those up for sure oh absolutely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to attempt to check out them and actually see what was going on and kind of shot to get back to everybody so carrying on look why do business pick to main separate bank accounts there are Jesse Burgess Papaya Global services out there doing exactly this for specific countries and I’ve operated in a service or many organizations doing precisely that I can say it does not constantly feel efficient and it does develop more work I understand we’re not purposely doing that we’re not developing additional work for any person where we don’t have to and anyone that’s managing that process I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think lots of reasons one is it’s the standard I believe people have got so utilized to we require a brand-new bank account we open an entity and rightly so you need it for payroll purposes however there are a number of markets where it’s not a requirement so I think it’s simply been the standard and the norm individuals have actually adopted and continue to do over years and years passed by to contribute to that people have looked at things like trust accounts and many other ways um to to kind of do it so I believe there’s a variety I believe this is a process that requires taking a look at it requires altering but eventually individuals are very stuck to what they’re familiar
with ideal um change is a challenging thing all of us don’t like change um so I think it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a great deal of track of things um I understand obviously the benefits of having preserving numerous bank accounts but there’s a big amount of intricacy chooses establishing a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is huge but I think the sincere response is modification um people have not been able to change or haven’t had necessarily the understanding to really make that change into alternate Solutions besides opening a checking account I think you have actually hit the nail on the head I believe it is knowledge you understand and there is a component of resistance to alter but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of moving on and moving into you know what might nearly be identified to be the next Century or so there is a lot to keep an eye on and this technique does posture several obstacles um so Johnny could you inform us about those obstacles yeah obviously so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It feels like our CFO has gotten another CFO, and with this enhanced ability, I have effectively secured payments for our 10,000 employees worldwide. Your devotion to mastering international payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is more detailed, considering your achievements. Jesse Burgess Papaya Global
I discover time and time again the workers frequently misclassified unwittingly they do not understand the conditions of work or agreement and are told by the customer why it’s optimum generally to the client why you ought to be used 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 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 gone by they have not added to pensions Etc so it’s a huge effect that they never understood they were walking into you could not agree with you more if you state the UK for instance hmrc can return as much as ten years um Kathy business are getting insurance coverage against misclassification but generally premiums are just covering the expense of legal fees whilst the average claim evaluated against companies relates to to 40 or half of the base pay of employee exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes penalty and interest in most cases I have not 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 saying 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