Handling payroll globally is a complicated task … Papaya Global Global Payroll…
How much revenue does the company make? Papaya Global Global Payroll
Over the last 5 or 6 years …Papaya Global Global Payroll… roles on the provider side and likewise on the supplier side from a payroll perspective so actually anticipating this discussion today um and yeah thank you quite for your time everybody okay thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds or so to join all of us work back to back these days so we’ll type of let them do that so it ‘d be quite interesting and I can see it going on already just to hear where everyone is um it’s nice to to kind of like see where everybody originates from and I really do hope it’s much sunnier than it remains 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 very really bleak and I wish I was somewhere else at this moment in time alright so let’s get started our program for today is as follows um we are going to be taking a look at the difficulty years of handling Global payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll expenses using virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll also review a recap and that ought to leave his time at the extremely really end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces end up being increasingly more common and managing them becomes a growing number of intricate International organizations are aiming to find Solutions and new methods to streamline procedures particularly from a payroll and cross-border payment perspective numerous organizations preserve separate savings account just for payroll while some have several accounts in various countries does it make sense for business to preserve different checking account often in different countries it does however just for payroll exists a better method what function do virtual accounts and digital wallets also known as virtual wallets play in helping multinational companies improve the episode complex procedures of
making payroll payments accurately efficiently safely and on time during this webinar we’ll walk you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely anticipate their payroll costs to increase working capital and how improving International payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you’re doing it internationally it’s next level and Beyond it becomes intricate for a variety of factors most significantly guidelines compliance information security and banking rules then there are the large numbers they add additional intricacy the international Workforce is currently three and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion individuals that number is currently 500 million just for for a scale then factor in that there are some 230 million businesses and growing all doing their own thing worldwide in the traditional payroll design there’s often an overwhelming number of various systems resulting in time-consuming manual procedures and silos the variety of Combinations could be non-existent in big quantities and or really really standard there’s no genuine consistency structure we’re residing in an age of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that just blows my mind each time I I believe
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 provides me sleepless nights and rather honestly the more a service spends on international payroll the less of an image they see a lack of presence also reaches payroll payments and inability to accurately track these payments can result in compliance accidents in the last mile of the deal almost half of international companies have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are due to time reporting poor HCM information information entry mistakes badly communicated hires and terminations as well as absence management and system setups and then when you round everything off and the information is delivered to the wrong place the typical cost of an international data breach at this moment is 3.9 billion dollars as soon as payrolls are done we still need to move the cash worldwide payroll and payments do not run efficiently if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re making payments to workers or otherwise that’s a great question I constantly throw this back and state what is it what doesn’t require to be included best 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 nation 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 need to pay from the consumer’s own in-country account so there’s complexity wherever you look best ultimately constructing a knowledge base is absolutely critical but everywhere you look with payroll payment they are like extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the kind of link in between fintech and payroll it’s closer than ever I think there’s now a bit more recognition that payroll payments are definitely essential and technology is allowing us to type of move forward with that it also too to add to that payroll and financing require to work closer together um with differing Savings account Particulars differing banking requirements and setup procedures is definitely vital that payroll and finance groups work better together than ever um I’m constantly astonished when people state I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not work in the payroll profession would they divide the payroll payment from calculation 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 data collection all the way through to paying people any place they are however likewise paying statutory authorities and on statutory third parties so with the
world we reside in and wellness being increasingly more essential to add to sort of the level of intricacy there’s more and more benefits being organ or being used by organizations across the world so once again you’re simply looking to add a growing number of payments to this already complicated landscape so if you type of got any experience well I’m from your vast experience here and I’m sure however have you got any experience in kind of genuine obstacles or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a couple of decades I would absolutely state that the larger a company gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are teams feeding details into the next function as it were that’s actually managing the payment side of things but 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 require to create extra handoffs in the processes that we operate in they simply make them more timely they make them less effective and they don’t make them what they require to be in in an era of tech and an era that you understand that we are operating in today there is no reason we are still making this as difficult as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any service has from an expense point of view from an impact viewpoint on employees it is absolutely crucial that it’s done properly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the greatest damaging effect on people’s wellness and many other factors if individuals aren’t paid uh I’ve always been astonished entering this Market kind of the last five to ten years is how little thanks the
payroll group get um so I’m not exactly sure anyone on this sort of webinar has actually been informed 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 workers or not um but ultimately payroll is such a crucial cycle all of us become aware of it when it goes wrong everybody jumps up and down when it goes wrong but when it goes right it’s just a tick box workout and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is absolutely vital that all of this stuff is done properly so leveraging the first Worldwide Payments first payroll payment service is a terrific first step um supplying an end-to-end payroll solution for your workers internationally again I believe is another substantial um procedure again lining up and ensuring you have standardization Worldwide processes all of those things are definitely crucial to success success of businesses and minimizing the number of tools platforms and bank accounts they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred thousand of them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things haven’t gone quite where they’re implied to be um I do not think any of us are really doing that for for the thanks
anyhow we understand 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 simple as possible for everybody that’s associated with those processes and likewise so think of sorry I’m simply I was just gon na say think of the quantity of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing hundreds of thousands possibly Millions imagine 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 however it would certainly be a fascinating task attempting to clean all those up for sure oh absolutely I can’t envision 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 choose to main different bank accounts there are Papaya Global Global Payroll companies out there doing exactly this for specific nations and I have actually worked in an organization or lots of services doing precisely that I can say it doesn’t constantly feel effective and it does create more work I understand we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and any person that’s dealing with that procedure 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 believe numerous factors one is it’s the requirement I believe people have actually got so used to we require a new savings account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to add to that people have looked at things like trust accounts and numerous 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 requires changing but eventually people are very stuck with what they recognize
with best um change is a challenging thing we all do not like modification um so I think it’s simply type of moving far from the norm as we have actually said so yeah so it keeps a lot of track of things um I understand undoubtedly the benefits of having keeping multiple checking account but there’s a substantial quantity of complexity goes with establishing a savings account maintaining it ensuring it can send out International transfers guaranteeing it’s established with the right user accesses for individual individuals so the complexity is big but I think the truthful response is change um people haven’t been able to alter or have not had necessarily the knowledge to really make that change into alternate Solutions other than opening a checking account I believe you have actually struck the nail on the head I think it is understanding you know and there is an aspect of resistance to alter however we have actually constantly done it that way is no real reason for not looking at the the advantages and the possibilities of carrying on and moving into you know what might practically be figured out to be the next Century or two there is a lot to track and this method does posture several obstacles um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I simply did you changed our Business 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 should have a corner office with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Global Payroll
I discover time and time again the employees frequently misclassified unknowingly they do not comprehend the conditions of work or contract and are told by the client why it’s optimum primarily to the customer why you should be employed or engaged in this fashion the employee may owe taxes and Social Security to the authorities the future pension and healthcare advantages 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 gone by they haven’t contributed to pensions And so on so it’s a big effect that they never ever knew they were strolling into you could not agree with you more if you state the UK for instance hmrc can go back as much as 10 years um Kathy companies are getting insurance against misclassification however usually premiums are just covering the expense of legal fees whilst the average claim evaluated against companies equates to to 40 or 50 percent of the base salary of worker is there any point in getting insurance and what is the alternative yeah to your point um you do need to check out the fine print it is not covering the taxes penalty and interest most of the times I have not seen it at least so uh the the other location that I do think if you managed to get the coverage 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