Handling payroll worldwide is an overwhelming task … Papaya Global Helpdesk…
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Over the last five or six years …Papaya Global Helpdesk… roles on the company side and also on the supplier side from a payroll point of view so truly looking forward to this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just offer everyone another number of uh well among the 30 seconds or so to join we all work back to back nowadays so we’ll sort of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually 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 very extremely bleak and I wish I was elsewhere at this moment in time fine so let’s get started our agenda for today is as follows um we are going to be taking a look at the difficulty years of handling International payroll why business keep separate
bank accounts payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts enhancing papaya International payroll payments as a tactical asset uh we’ll also go over a recap which must leave his time at the very very end for a q a session so as the title of the webinar suggests 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 typical and handling them ends up being a growing number of intricate Global companies are wanting to find Solutions and brand-new ways to simplify processes specifically from a payroll and cross-border payment standpoint lots of organizations preserve different checking account just for payroll while some have multiple accounts in different countries does it make sense for business to keep different checking account sometimes in different nations it does however just for payroll is there a better method what role do virtual accounts and digital wallets also referred to as virtual wallets play in helping international business enhance the episode complex processes of
making payroll payments precisely effectively safely and on time during this webinar we’ll stroll you through the global pros and cons of a payroll wallet versus a payroll savings account how business properly anticipate their payroll expenses to increase working capital and how enhancing International payroll payments can turn them from a siled pane into a tactical possession so payroll can be hard in adequate in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most notably guidelines compliance data security and banking rules then there are the large numbers they add further intricacy the worldwide Workforce is currently 3 and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and further 1.1 billion individuals that number is currently 500 million just for for a scale then consider that there are some 230 million organizations and growing all doing their own thing around the globe in the conventional payroll design there’s frequently a frustrating variety of various systems resulting in lengthy manual processes and silos the number of Combinations could be non-existent in large amounts and or very extremely standard there’s no real consistency framework we’re living in an age of tech however payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper and that simply blows my mind every time I I think
about it to provide you a concept of how far there still is to come according to Deloitte only 11 of organizations state they have Labor force data in real time that’s another number that offers me sleep deprived nights and quite frankly the more an organization spends on global payroll the less of a photo they see an absence of exposure likewise encompasses payroll payments and failure to properly track these payments can cause compliance incidents in the last mile of the transaction almost half of global companies have actually revealed that they do not have the level of standardization they need in their procedures or want and as a result eighty percent of mistakes are because of time reporting poor HCM information data entry mistakes poorly interacted hires and terminations in addition to lack management and system configurations and then when you round everything off and the information is delivered to the incorrect location the average expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the world payroll and payments do not run efficiently if they count on the necessary multiple processes 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 business face when they’re making payments to workers or otherwise that’s a good question I constantly throw this back and say what is it what doesn’t require to be included best and what does
it need to be thought about there’s varying 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 capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the client’s own in-country account so there’s complexity any place you look best eventually building a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the type of link in 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 allowing us to sort of move on with that it also also to add to that payroll and finance 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 always astonished when people say I have actually divided payroll and payment um if you walk down the street and asked anybody 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 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 individuals wherever they are however also paying statutory authorities and on statutory 3rd parties so with the
The modern-day world puts a high worth on well-being and the compensation landscape is ending up being increasingly intricate. Organizations are continually introducing new advantages and payment options, which contributes to the overall intricacy. Large corporations frequently divide their payroll and payment processing into different teams, which can cause ineffectiveness and traffic jams. In my viewpoint, this does not have to hold true. In today’s technically sophisticated period, there’s no justification for keeping troublesome treatments. Payroll, the business’s biggest cost, should be processed correctly and on time. Even minor delays can adversely impact employees’ well-being and have far-reaching repercussions. For that reason, it’s critical to focus on precise and prompt payments.
payroll group get um so I’m unsure anybody on this kind of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um but eventually payroll is such an important cycle we all become aware of 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 believe 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 stuff is definitely important that all of this things is done properly so leveraging the first International Payments very first payroll payment service is a fantastic primary step um providing an end-to-end payroll solution for your staff members globally again I believe is another substantial um process once again lining up and ensuring you have standardization International procedures all of those things are definitely key to success success of organizations and lowering the variety of tools platforms and bank accounts they need for their Worldwide payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred countless them within a payroll cycle do not expect to you do get the odd 5 or 10 or whatever it might be with the with the the grievances where things have not gone quite where they’re suggested to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how important 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 simple as possible for everybody that’s involved in those processes and also so imagine sorry I’m simply I was simply gon na say think of 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 hundreds of thousands possibly Millions think of getting that numerous thank you notes um I imply it ‘d be interesting to see how many Post-it notes you got but it would certainly be a fascinating job attempting to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to try to browse them and really see what was going on and sort of try to return to everybody so proceeding appearance why do companies select to main different bank accounts there are Papaya Global Helpdesk services out there doing precisely this for particular nations and I have actually worked in an organization or lots of organizations doing precisely that I can state it doesn’t always feel efficient and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anyone where we don’t have to and anybody that’s dealing with that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the requirement I think individuals have got so utilized to we require a new checking account we open an entity and appropriately so you need it for payroll purposes but there are a number of markets where it’s not a requirement so I believe it’s just been the requirement and the norm the people have adopted and continue to do over years and years passed by to contribute to that individuals have taken a look at things like trust accounts and many other methods um to to type of do it so I think there’s a range I believe this is a process that needs looking at it needs altering however ultimately individuals are very stuck with what they’re familiar
with best um change is a hard thing we all don’t like change um so I believe it’s simply type of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I understand undoubtedly the benefits of having maintaining numerous savings account however there’s a big amount of complexity chooses establishing a checking account preserving it ensuring it can send International transfers guaranteeing it’s established with the right user accesses for private people so the complexity is big however I believe the honest answer is change um individuals have not been able to change or have not had always the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to alter but we have actually constantly done it that way is no real excuse for not looking at the the benefits and the possibilities of carrying on and moving into you understand what might practically be identified to be the next Century approximately there is a lot to track and this technique does position several obstacles um so Johnny could you inform us about those obstacles yeah naturally so there’s a variety 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 since I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Helpdesk
I find time and time again the workers typically misclassified unwittingly they don’t understand the conditions of work or contract and are informed by the customer why it’s most advantageous mainly to the client why you need to be employed or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and health care privileges of the worker 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 gone by they have not contributed to pensions Etc so it’s a huge effect that they never ever knew they were strolling into you could not agree with you more if you say the UK for instance hmrc can go back as much as 10 years um Kathy business are securing insurance versus misclassification however usually premiums are just covering the cost of legal fees whilst the typical claim evaluated versus employers corresponds to to 40 or 50 percent of the base pay of worker is there any point in securing 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 many cases I have not seen it at least so uh the the other location that I do think if you managed to get the protection what we are stating is is that if your compliance program is not up to pack you could be rejected coverage on the basis of the fact that you were not in compliance with laws um in the UK