Handling payroll globally is a difficult task … Papaya Global 25 Server 2019…
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Over the last 5 or 6 years …Papaya Global 25 Server 2019… roles on the provider side and also on the supplier side from a payroll point of view so actually looking forward to this discussion today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everyone another number of uh well one of the 30 seconds or so to join we all work back to back these days so we’ll sort of let them do that so it ‘d be quite fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s really really gloomy and I want I was somewhere else at this moment in time okay so let’s get started our program for today is as follows um we are going to be taking a look at the challenge years of managing Global payroll why business maintain separate
Virtual payroll accounts are an alternative to conventional checking account for managing payroll payments. This is particularly useful for worldwide companies with dispersed and remote workforces, as it simplifies the complex process of cross-border payments. Instead of preserving separate bank accounts for payroll in various countries, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and go over why they are becoming a tactical asset for payroll executives. We will also provide a wrap-up of the main points covered and leave time for a Q&A session at the end.
Ensuring precise, effective, and timely payroll payments is a complex challenge for businesses running globally. Join us for a webinar to check out the advantages and downsides of payroll wallets versus payroll checking account, discover how business forecast payroll expenses to enhance working capital, and discover how enhancing global payroll payments can change them from a troublesome task into a strategic property.
due to numerous guidelines, compliance requirements, information security concerns, and banking rules. The sheer variety of employees and companies contributes to the intricacy, with an estimated 3.5 billion people in the global labor force, 500 million of whom are in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently lead to manual procedures, information silos, and an absence of integration, resulting in inconsistencies and inefficiencies. In spite of living in an era of technological developments, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar goals to offer insights and options to streamline and enhance worldwide payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte just 11 of companies say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more an organization invests in worldwide payroll the less of a picture they see an absence of presence also encompasses payroll payments and failure to precisely track these payments can result in compliance incidents in the last mile of the transaction almost half of worldwide businesses have expressed that they do not have the level of standardization they need in their processes or want and as a result eighty percent of mistakes are due to time reporting poor HCM data information entry mistakes poorly interacted hires and terminations along with absence management and system setups and after that when you round it all off and the data is delivered to the wrong location the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money around the world payroll and payments do not run efficiently if they depend on the needed multiple 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 difficulties company face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and say 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 nation there’s payment time frames there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity anywhere you look ideal eventually building a knowledge base is absolutely important however everywhere you look with payroll payment they are like incredibly payments no if however some children about it you are all superheroes processing payments for payroll if you take a look at the type of link between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely essential and innovation is permitting us to kind of progress with that it also also to contribute to that payroll and financing require to work closer together um with varying Savings account Details varying banking requirements and setup procedures is absolutely necessary that payroll and finance groups work better together than ever um I’m constantly amazed when people state I’ve split payroll and payment um if you walk down the street and asked anybody what is payroll who does not operate in the payroll profession would they divide the payroll payment from calculation I would say no so why do we as a market accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end procedure it’s the point of data collection all the way through to paying people wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being a growing number of crucial to add to sort of the level of intricacy there’s increasingly more benefits being organ or being used by organizations across the world so again you’re simply seeking to add 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 real obstacles or genuine tough type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a number of decades I would definitely state that the larger a business gets the more it tends to segregate the payroll and the payments works um there are teams doing one part of the job there are groups feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily require to be the case you understand long gone are the times where we need to create extra handoffs in the processes that we run in they just make them more timely they make them less effective and they do not make them what they require to be in in a period of tech and a period that you understand that we are working in today there is no reason we are still making this as hard as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any service has from an expense perspective from an effect viewpoint on employees it is absolutely vital 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 need to be done right it has the biggest harmful effect on people’s well-being and lots of other factors if people aren’t paid uh I have actually constantly been surprised coming into this Market kind of the last 5 to 10 years is how little thanks the
payroll group get um so I’m not sure anyone on this sort of webinar has been told thank you for processing my payroll properly if you have it ‘d be great to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us hear about it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s simply a tick box exercise and I think 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 stuff is definitely crucial that all of this things is done properly so leveraging the very first Worldwide Payments very first payroll payment option is an excellent first step um providing an end-to-end payroll option for your workers internationally again I believe is another big um process once again lining up and ensuring you have standardization Global processes all of those things are definitely key to success success of companies and reducing the variety of tools platforms and savings account they require for their Global payroll too could not agree with you more and on the the front in terms of of the thank yous for getting payroll done I’ve never had a hundred thousand of 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 problems where things have not gone quite where they’re indicated to be um I do not think any of us are actually doing that for for the thanks
anyhow we know how how essential 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 involved in those procedures and also so envision sorry I’m simply I was simply gon na say picture the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I make sure we’re discussing hundreds of 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 absolutely be an intriguing task trying to clean up 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 need 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 everybody so carrying on look why do business choose to main separate savings account there are Papaya Global 25 Server 2019 organizations out there doing precisely this for particular countries and I’ve operated in a company or numerous services doing precisely that I can say it does not constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not producing additional work for anybody where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the quantity that we are I believe numerous factors one is it’s the standard I think individuals have actually got so utilized to we need 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 norm individuals have embraced and continue to do over years and years passed by to contribute to that people have actually looked at things like trust accounts and lots of other methods um to to sort of do it so I believe there’s a range I believe this is a procedure that requires looking at it requires changing but eventually individuals are very stuck to what they recognize
with right um change is a challenging thing we all do not like change um so I believe it’s just sort of moving far from the standard as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having preserving numerous bank accounts however there’s a substantial amount of intricacy chooses setting up a savings account keeping it ensuring it can send International transfers ensuring it’s established with the ideal user accesses for private individuals so the intricacy is substantial however I think the sincere response is modification um individuals have not been able to change or have not had necessarily the knowledge to actually make that change into alternate Solutions other than opening a savings account I think you’ve struck the nail on the head I believe it is knowledge you understand and there is an aspect of resistance to alter however we’ve constantly done it that way is no genuine excuse for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to monitor and this technique does pose several difficulties um so Johnny might you tell us about those difficulties yeah obviously so there’s a variety right there is so
I just recently made a modification to our Business 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 gained another CFO, and with this improved capability, I have actually successfully protected payments for our 10,000 staff members worldwide. Your devotion to mastering global payroll and payments using Papaya payroll OS is good. You should have a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global 25 Server 2019
I find time and time again the employees often misclassified unknowingly they do not comprehend the conditions of work or agreement and are told by the customer why it’s most advantageous mainly to the customer why you need to be utilized or engaged in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare 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 actually gone by they haven’t added to pensions And so on so it’s a huge effect that they never 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 10 years um Kathy business are securing insurance versus misclassification however normally 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 salary of employee 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 most cases I haven’t seen it a minimum of 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 pack you could be denied protection on the basis of the reality that you were not in compliance with laws um in the UK