Managing payroll globally is a daunting job … Papaya Global Employee List By Department…
How much revenue does the company make? Papaya Global Employee List By Department
Over the last five or six years …Papaya Global Employee List By Department… roles on the supplier side and also on the supplier side from a payroll perspective so really anticipating this discussion today um and yeah thank you very much for your time everybody fine thanks Johnny uh we’ll simply give everyone another couple of uh well among the 30 seconds or so to join all of us work back to back nowadays so we’ll sort of let them do that so it ‘d be quite interesting and I can see it going on currently simply to hear where everyone is um it’s nice to to type of like see where everyone comes 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 raining here it’s extremely very bleak and I wish I was elsewhere 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 challenge years of managing International payroll why companies preserve different
savings account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts streamlining papaya Worldwide payroll payments as a tactical asset uh we’ll also review a recap and that must leave his time at the really really 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 labor forces end up being more and more typical and managing them becomes a growing number of complicated Worldwide organizations are wanting to find Solutions and brand-new ways to improve procedures specifically from a payroll and cross-border payment standpoint lots of companies keep different savings account just for payroll while some have numerous accounts in various countries does it make good sense for companies to maintain different savings account often in different countries it does however just for payroll exists a much better way what role do virtual accounts and digital wallets also called virtual wallets play in helping international business simplify the episode complex procedures of
making payroll payments precisely efficiently firmly and on time throughout this webinar we’ll walk you through the global advantages and disadvantages of a payroll wallet versus a payroll savings account how companies properly forecast their payroll expenses to increase working capital and how enhancing Worldwide payroll payments can turn them from a siled pane into a strategic asset so payroll can be challenging in adequate in one country but when you’re doing it internationally it’s next level and Beyond it becomes complex for a range of reasons most importantly regulations compliance information security and banking guidelines then there are the sheer numbers they add further complexity the worldwide Workforce is presently 3 and a half billion individuals 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 services and growing all doing their own thing worldwide in the traditional payroll design there’s frequently an overwhelming number of different systems causing time-consuming manual processes and silos the variety of Combinations could be non-existent in big quantities and or really really basic there’s no genuine consistency structure we’re living in a period of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand typically with pen and paper and that just blows my mind each time I I think
about it to offer you a concept of how far there still is to come according to Deloitte just 11 of services say they have Labor force information in real time that’s another number that offers me sleepless nights and quite honestly the more a business invests in international payroll the less of an image they see an absence of presence likewise extends to payroll payments and inability to accurately track these payments can result in compliance mishaps in the last mile of the transaction nearly half of global 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 because of time reporting bad HCM information information entry mistakes inadequately communicated hires and terminations in addition to absence management and system configurations and then when you round it all off and the data is shipped to the wrong location the average expense of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash around the globe payroll and payments don’t run smoothly if they rely on the required 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 obstacles service face when they’re making payments to staff members or otherwise that’s a good question I always toss this back and state what is it what doesn’t require to be consisted of right and what does
it require to be considered there’s differing Bank information so the length of an eye band a swift an account number routing code per country 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 client’s own in-country account so there’s complexity wherever you look ideal ultimately developing a knowledge base is definitely critical but everywhere you look with payroll payment they resemble very payments no if but some babies 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 acknowledgment that payroll payments are absolutely fundamental and innovation is enabling us to kind of move forward with that it also also to add to that payroll and finance require to work closer together um with differing Bank Account Details varying banking requirements and setup procedures is definitely essential that payroll and finance teams work better together than ever um I’m constantly impressed when people state I have actually divided 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 frequently split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world places a high worth on wellness and the compensation landscape is becoming progressively detailed. Services are continually introducing new benefits and payment alternatives, which adds to the overall complexity. Large corporations typically divide their payroll and payment processing into separate teams, which can lead to inefficiencies and bottlenecks. In my opinion, this doesn’t have to be the case. In today’s technologically advanced era, there’s no reason for preserving troublesome treatments. Payroll, the business’s most significant cost, need to be processed correctly and on time. Even slight hold-ups can negatively impact employees’ wellness and have far-reaching repercussions. Therefore, it’s crucial to prioritize accurate and timely payments.
payroll group get um so I’m not sure anyone on this kind of webinar has been told thank you for processing my payroll properly if you have it ‘d be excellent to hear your success story and whether that’s been from all employees or not um but ultimately payroll is such a crucial cycle all of us find out about it when it fails everyone jumps up and down when it goes wrong 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 likewise like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the very first Worldwide Payments very first payroll payment solution is a great first step um offering an end-to-end payroll option for your staff members internationally once again I believe is another substantial um process once again aligning and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of companies and minimizing the variety of tools platforms and checking account they need 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 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 meant to be um I do not believe any of us are really doing that for for the thanks
anyway we understand how how crucial 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 simple as possible for everybody that’s involved in those procedures and also so imagine sorry I’m simply I was just gon na state imagine the quantity of thanks you got if you could cover the amount of people that we cover within this webinar I make certain we’re speaking about numerous thousands potentially Millions envision getting that many thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got however it would certainly be a fascinating job attempting 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 need days of the week to try to look through them and in fact see what was going on and sort of shot to get back to everyone so carrying on look why do business select to primary different bank accounts there are Papaya Global Employee List By Department organizations out there doing exactly this for particular nations and I have actually worked in a service or numerous companies doing exactly that I can state it does not always feel efficient and it does develop more work I understand we’re not intentionally doing that we’re not creating extra work for any person where we do not need to and anybody that’s managing that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I think many factors one is it’s the standard I think people have got so utilized to we require a new bank account we open an entity and appropriately so you require it for payroll functions however there are a number 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 add to that individuals have actually taken a look at things like trust accounts and numerous other methods um to to type of do it so I think there’s a variety I think this is a process that needs looking at it requires altering however eventually people are extremely stuck with what they’re familiar
with right um change is a challenging thing we all don’t like change um so I believe it’s just kind of moving away from the norm as we have actually said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having preserving several bank accounts but there’s a substantial amount of complexity goes with setting up a savings account preserving it ensuring it can send out International transfers ensuring it’s set up with the best user accesses for individual individuals so the intricacy is substantial however I believe the honest answer is change um individuals haven’t had the ability to alter or haven’t had always the understanding to truly make that change into alternate Solutions aside from opening a savings account I think you’ve struck the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we’ve always done it that way is no real reason for not taking a look at the the advantages and the possibilities of proceeding and moving into you understand what could practically be identified to be the next Century or so there is a lot to monitor and this method does present numerous challenges um so Johnny might you tell us about those challenges yeah obviously so there’s a range right there is so
I simply 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 International workers you deserve a corner office with a better parking space because I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Employee List By Department
I discover time and time again the workers often misclassified unwittingly they do not understand the conditions of employment or agreement and are informed by the client why it’s optimum primarily to the client why you ought to be employed or engaged in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare advantages of the employee can be impacted 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 have not added to pensions Etc so it’s a big impact that they never knew they were strolling into you could not agree with you more if you state the UK for example hmrc can return as much as 10 years um Kathy business are taking out insurance coverage against misclassification but typically premiums are just covering the cost of legal charges whilst the average claim assessed versus companies equates to to 40 or 50 percent of the base pay of employee exists any point in getting 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 charge and interest in most cases I have not seen it a minimum of so uh the the other location 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 stuff you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK