Managing payroll internationally is a difficult job … Papaya Global Landing Page…
How much revenue does the company make? Papaya Global Landing Page
Over the last five or six years …Papaya Global Landing Page… functions on the supplier side and likewise on the supplier side from a payroll perspective so actually eagerly anticipating this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everybody another couple of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everybody is um it’s nice to to type of like see where everybody comes from and I actually do hope it’s much sunnier than it remains in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really really dreary and I want I was somewhere else at this moment in time okay so let’s start our agenda for today is as follows um we are going to be looking at the difficulty years of handling International payroll why companies keep different
Virtual payroll accounts are an alternative to traditional checking account for managing payroll payments. This is particularly useful for international companies with dispersed and remote workforces, as it streamlines the complex procedure of cross-border payments. Instead of maintaining separate savings account for payroll in different nations, virtual accounts and digital wallets offer a more streamlined option. In this webinar, we will explore the benefits of using virtual payroll accounts and talk about why they are ending up being a strategic asset 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 sure precise, efficient, and timely payroll payments is a complex obstacle for businesses operating internationally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll checking account, learn how business forecast payroll costs to optimize working capital, and discover how streamlining worldwide payroll payments can change them from a burdensome job into a strategic property.
due to various regulations, compliance requirements, information security issues, and banking guidelines. The sheer variety of employees and services contributes to the complexity, with an estimated 3.5 billion people in the international labor force, 500 million of whom remain in Africa, and 230 million services worldwide.
Conventional payroll systems often lead to manual processes, data silos, and an absence of integration, causing disparities and inefficiencies. Despite living in a period of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed manually, often using pen and paper. This webinar aims to supply insights and options to streamline and enhance worldwide payroll payments.
about it to offer you a concept of how far there still is to come according to Deloitte only 11 of businesses say they have Workforce information in real time that’s another number that offers me sleep deprived nights and quite honestly the more a company spends on global payroll the less of a photo they see an absence of visibility also encompasses payroll payments and failure to accurately track these payments can cause compliance incidents in the last mile of the deal nearly half of international services have revealed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are due to time reporting bad HCM information data entry errors poorly interacted hires and terminations along with absence management and system setups and then when you round it all off and the data is shipped to the wrong place the typical cost of an international information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments don’t run smoothly if they depend on the essential several 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 challenges organization face when they’re making payments to staff members or otherwise that’s an excellent question I constantly throw this back and state what is it what doesn’t need to be included best and what does
it need to be thought of there’s differing Bank details 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 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 wherever you look ideal ultimately building a knowledge base is definitely vital however everywhere you look with payroll payment they resemble extremely payments no if however some babies about it you are all superheroes processing payments for payroll if you take a look at the sort 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 basic and innovation is allowing us to kind of progress with that it also also to add to that payroll and financing need to work closer together um with varying Checking account Details differing banking requirements and setup processes is absolutely essential that payroll and finance teams work closer together than ever um I’m constantly amazed when individuals say I’ve divided payroll and payment um if you stroll down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from estimation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying individuals any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and wellness being increasingly more essential to contribute to sort of the level of complexity there’s increasingly more benefits being organ or being used by businesses throughout the world so again you’re just aiming to include a growing number of payments to this already complex landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine obstacles or real tough sort of pay uses to play to pay people I believe yeah I mean over the last well yeah a number of decades I would definitely say 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 task there are groups feeding details into the next function as it were that’s actually managing the payment side of things however you know in in my opinion and my experience that doesn’t necessarily require to be the case you understand long gone are the times where we require to develop extra handoffs while doing sos that we run in they just make them more timely they make them less efficient and they don’t make them what they require to be in in a period of tech and an age that you understand that we are operating in today there is no reason why we are still making this as challenging as it requires to be concurred and rightly as you stated payroll is the single biggest liability that any company has from an expense viewpoint from an impact point of view on staff members it is definitely critical that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive impact on people’s wellness and many other factors if people aren’t paid uh I’ve always been impressed entering into this Market sort of the last five to ten years is how little thanks the
The payroll group may not have been thanked for properly processing payroll during a webinar. If anyone has been thanked, it would be excellent to hear their success story, whether it’s from all workers or not. Payroll is a crucial cycle, and individuals only notice when things go wrong. However, when things go right, it’s viewed as simply a routine job. This is how it’s viewed externally too. Therefore, it is important to guarantee that jobs like Wi-Fi International and other essential matters are done properly. Utilizing the first International Payments first payroll payment option is a great preliminary step towards supplying an extensive payroll solution for staff members worldwide. Standardization, global procedures, and reducing the number of tools, platforms, and bank accounts essential for worldwide payroll are key consider attaining service success. While we don’t expect a hundred thousand thank yous within a payroll cycle, we do sometimes receive a couple of problems when things do not go as planned. Eventually, we don’t do it for the appreciation.
anyway 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 easy as possible for everyone that’s associated with those processes and likewise so picture sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the quantity of people that we cover within this webinar I’m sure we’re talking about numerous thousands possibly Millions think of getting that many thank you keeps in mind um I mean it ‘d be interesting to see how many Post-it notes you got but it would certainly be an interesting 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 held true um you ‘d require days of the week to attempt to check out them and in fact see what was going on and kind of shot to get back to everybody so carrying on appearance why do business select to primary different bank accounts there are Papaya Global Landing Page companies out there doing exactly this for particular nations and I’ve operated in a service or numerous organizations doing precisely that I can say it doesn’t always feel effective and it does create more work I know we’re not deliberately doing that we’re not creating additional work for anybody where we do not need to and anybody that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you think that we’re doing that in in the in the quantity that we are I think many reasons one is it’s the standard I think individuals have got so used to we need a brand-new savings account we open an entity and rightly so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I believe it’s just been the requirement and the standard the people have embraced and continue to do over years and years passed by to add to that individuals have 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 process that needs looking at it needs changing however ultimately individuals are extremely stuck to what they’re familiar
with best um change is a tough thing all of us do not like change um so I think it’s simply type of moving far from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the benefits of having preserving multiple checking account but there’s a substantial amount of intricacy goes with setting up a bank account maintaining it ensuring it can send out International transfers guaranteeing it’s set up with the right user accesses for private individuals so the complexity is big but I think the honest answer is modification um people have not had the ability to alter or have not had necessarily the knowledge to truly make that change into alternate Solutions aside from opening a bank account I think you have actually struck the nail on the head I believe it is knowledge you know and there is an element of resistance to alter however we’ve always 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 know what could almost be figured out to be the next Century or so there is a lot to monitor and this approach does posture several obstacles um so Johnny could you inform us about those challenges yeah naturally so there’s a variety right there is so
I simply did you switched our Business to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you deserve a corner office with a more detailed parking space because I mastered International payroll and payments with Papaya payroll OS did you Papaya Global Landing Page
I find time and time again the workers often misclassified unconsciously they don’t comprehend the conditions of work or agreement and are told by the client why it’s most advantageous generally to the client why you need to be utilized or taken part in this style the worker might owe taxes and Social Security to the authorities the future pension and health care benefits of the employee can be impacted and a number of 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 big impact that they never knew they were strolling into you couldn’t agree with you more if you state the UK for instance hmrc can return as much as 10 years um Kathy business are getting insurance versus misclassification but normally premiums are only covering the expense of legal fees whilst the average claim assessed versus employers corresponds to to 40 or 50 percent of the base pay of worker exists any point in securing insurance coverage and what is the alternative yeah to your point um you do require to check out the fine print it is not covering the taxes charge and interest in most cases I haven’t seen it a minimum of so uh the the other area 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 pack you could be rejected protection on the basis of the fact that you were not in compliance with laws um in the UK