Managing payroll worldwide is an overwhelming job … Papaya Global Cloud…
How much revenue does the company make? Papaya Global Cloud
Over the last five or 6 years …Papaya Global Cloud… roles on the supplier side and also on the supplier side from a payroll perspective so truly 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 everybody another couple of uh well among the 30 seconds approximately to join all of us work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently simply to hear where everyone is um it’s nice to to sort of like see where everyone comes from and I truly do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s raining here it’s extremely extremely uninspiring and I wish I was somewhere else at this moment in time all right so let’s get going our agenda for today is as follows um we are going to be taking a look at the obstacle years of managing International payroll why business maintain separate
Virtual payroll accounts are an alternative to traditional savings account for managing payroll payments. This is particularly helpful for worldwide organizations with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of preserving different checking account for payroll in various nations, virtual accounts and digital wallets offer a more structured solution. In this webinar, we will explore the advantages of using virtual payroll accounts and discuss why they are ending up being a tactical property for payroll executives. We will also provide a recap of the main points covered and leave time for a Q&A session at the end.
making payroll payments accurately efficiently firmly and on time throughout this webinar we’ll stroll you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how business accurately forecast their payroll costs to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in enough in one country but when you’re doing it internationally it’s next level and Beyond it becomes complicated for a variety of reasons most importantly guidelines compliance data security and banking rules then there are the sheer numbers they add more intricacy the international Labor force is presently three 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 organizations and growing all doing their own thing worldwide in the traditional payroll model there’s frequently an overwhelming variety of various systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in large amounts and or extremely very fundamental there’s no real consistency structure we’re residing in an era 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 each time I I believe
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 Workforce information in real time that’s another number that gives me sleepless nights and quite honestly the more a business spends on worldwide payroll the less of a picture they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide businesses have actually expressed that they don’t have the level of standardization they need in their processes or want and as a result eighty percent of errors are due to time reporting bad HCM information information entry errors badly interacted hires and terminations as well as absence management and system setups and then when you round all of it off and the information is delivered to the incorrect place the average cost of a worldwide data breach at this moment is 3.9 billion dollars when payrolls are done we still require to move the cash around the world payroll and payments don’t run efficiently if they depend on the needed multiple procedures systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else needs to be factored into the obstacles company face when they’re paying to workers or otherwise that’s a great concern I always toss this back and state what is it what does not need to be consisted of right and what does
it require 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 have to pay from an in-country account do you have to pay from the consumer’s own in-country account so there’s intricacy anywhere you look best ultimately constructing a knowledge base is absolutely critical however all over you look with payroll payment they are like very payments no if however 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 believe there’s now a bit more recognition that payroll payments are absolutely fundamental and innovation is permitting us to type of progress with that it likewise also to contribute to that payroll and financing require to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely vital that payroll and financing groups work closer together than ever um I’m constantly surprised when people state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split 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 eventually it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying individuals anywhere they are but also 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 intricacy there’s more and more benefits being organ or being provided by organizations across the world so once again you’re simply seeking to add a growing number of payments to this currently complicated landscape so if you type of got any experience well I’m from your huge experience here and I make certain but have you got any experience in kind of genuine challenges or genuine difficult type of pay uses to play to pay people I think yeah I indicate over the last well yeah a couple of years I would certainly say that the larger a service gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the job there are teams feeding info into the next function as it were that’s in fact managing the payment side of things but you understand in in my opinion and my experience that does not necessarily require to be the case you understand long gone are the times where we need to develop extra handoffs while doing sos that we run in they simply make them more prompt they make them less effective and they don’t make them what they require to be in in an era of tech and an age that you know that we are operating in today there is no reason we are still making this as challenging as it requires to be agreed and rightly as you stated payroll is the single greatest liability that any service has from a cost point of view from an effect viewpoint on staff members it is absolutely important 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 detrimental impact on people’s wellness and numerous other elements if individuals aren’t paid uh I have actually always been surprised coming into this Market type of the last 5 to 10 years is how little thanks the
payroll group get um so I’m uncertain anyone on this kind of webinar has actually been informed 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 workers or not um however ultimately payroll is such an important cycle we all become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s simply a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s also like why WI-Fi Global why all of this stuff is absolutely crucial that all of this things is done properly so leveraging the very first International Payments very first payroll payment service is a fantastic primary step um supplying an end-to-end payroll solution for your employees globally once again I believe is another huge um procedure once again lining up and ensuring you have standardization Worldwide procedures all of those things are absolutely crucial to success success of businesses and decreasing the number of tools platforms and bank accounts they require for their Global 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 expect to you do get the odd 5 or 10 or whatever it might be with the with the the problems where things have not gone quite where they’re meant 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 role 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 easy as possible for everyone that’s involved in those processes and likewise so think of sorry I’m just I was simply gon na say think of the quantity of thanks you got if you could cover the quantity of people that we cover within this webinar I’m sure we’re speaking about hundreds of thousands possibly Millions imagine 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 absolutely be an intriguing job attempting to clean up all those up for sure oh absolutely I can’t picture the size of my my Outlook inbox if that held true um you ‘d require days of the week to attempt to check out them and really see what was going on and sort of shot to return to everyone so carrying on appearance why do companies select to primary separate checking account there are Papaya Global Cloud businesses out there doing exactly this for particular nations and I’ve operated in a business or lots of organizations doing exactly that I can say it does not constantly feel efficient and it does produce more work I know we’re not deliberately doing that we’re not producing additional work for anyone where we don’t have to and any person that’s handling 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 lots of factors one is it’s the requirement I believe people have actually got so utilized to we need a new savings account we open an entity and rightly so you require 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 requirement and the standard the people have adopted and continue to do over years and years passed by to add to that individuals have taken a look 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 process that needs taking a look at it needs altering however eventually people are really stuck with what they’re familiar
with best um modification is a tough thing we all don’t like modification um so I believe it’s just type of moving far from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the advantages of having preserving several savings account but there’s a big quantity of complexity opts for setting up a bank account maintaining it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the complexity is substantial however I think the honest answer is modification um individuals have not been able to alter or have not had always the knowledge to truly make that change into alternate Solutions other than opening a checking account I think you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to alter however we have actually always done it that way is no genuine reason for not looking at the the benefits and the possibilities of carrying on and moving into you understand what could almost be determined to be the next Century or so there is a lot to monitor and this approach does present several difficulties um so Johnny might you inform us about those difficulties yeah obviously so there’s a range 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 resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you deserve a corner office with a better parking space since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Cloud
I find time and time again the workers frequently misclassified unwittingly they do not understand the conditions of work or contract and are told by the customer why it’s most advantageous generally to the client why you need to be employed or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare privileges of the employee can be affected and several times it can be years before this all falls out and by that time it’s too late years have actually passed they haven’t contributed to pensions And so on so it’s a big impact that they never understood they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as 10 years um Kathy companies are getting insurance coverage against misclassification however usually premiums are only covering the expense of legal costs whilst the typical claim evaluated versus employers equates to to 40 or half of the base salary of employee is there any point in taking out insurance coverage and what is the alternative yeah to your point um you do need to read 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 coverage what we are stating is is that if your compliance program is not up to pack you could be rejected protection on the basis of the reality that you were not in compliance with laws um in the UK