Handling payroll globally is an overwhelming job … Papaya Global Nominal Link Report…
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Over the last 5 or 6 years …Papaya Global Nominal Link Report… roles on the provider side and likewise on the supplier side from a payroll point of view so really looking forward to this conversation today um and yeah thank you quite for your time everybody fine thanks Johnny uh we’ll simply provide everybody another couple of uh well among the 30 seconds or two to join we all 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 type of like see where everyone comes from and I actually do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely very gloomy and I want I was elsewhere at this moment in time fine so let’s start our agenda for today is as follows um we are going to be looking at the challenge years of handling Worldwide payroll why business maintain separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs utilizing virtual payroll accounts improving papaya Worldwide payroll payments as a strategic asset uh we’ll also discuss a recap which must leave his time at the really really end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and International labor forces end up being a growing number of common and managing them ends up being increasingly more complex Worldwide organizations are aiming to discover Solutions and brand-new ways to streamline processes specifically from a payroll and cross-border payment standpoint lots of organizations maintain separate checking account just for payroll while some have numerous accounts in different countries does it make sense for companies to maintain separate savings account often in different nations it does however just for payroll exists a much better method what role do virtual accounts and digital wallets also called virtual wallets play in helping multinational business simplify the episode complex processes of
Ensuring precise, efficient, and timely payroll payments is a complex difficulty for services running globally. Join us for a webinar to explore the advantages and downsides of payroll wallets versus payroll savings account, find out how business anticipate payroll expenses to enhance working capital, and find how improving global payroll payments can transform them from a difficult job into a tactical possession.
due to various policies, compliance requirements, information security concerns, and banking guidelines. The sheer number of workers and organizations adds to the complexity, with an estimated 3.5 billion people in the worldwide labor force, 500 million of whom remain in Africa, and 230 million organizations worldwide.
Standard payroll systems frequently result in manual procedures, information silos, and an absence of integration, leading to disparities and inadequacies. In spite of living in a period of technological advancements, payroll management has actually been slow to adjust, with as much as 25% of payroll still processed by hand, often using pen and paper. This webinar goals to supply insights and solutions to streamline and optimize global payroll payments.
about it to give you a concept of how far there still is to come according to Deloitte just 11 of organizations say they have Workforce information in real time that’s another number that offers me sleepless nights and quite frankly the more a business spends on international payroll the less of an image they see an absence of exposure also encompasses payroll payments and failure to properly track these payments can result in compliance incidents in the last mile of the deal nearly half of worldwide companies have actually expressed that they do not have the level of standardization they require in their procedures 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 along with absence management and system configurations and after that when you round everything off and the data is shipped to the incorrect place the average cost of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the money worldwide payroll and payments do not run efficiently if they depend on the necessary several procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the challenges organization face when they’re making payments to workers or otherwise that’s an excellent question I constantly toss this back and state what is it what does not require to be included best and what does
it require 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 capabilities 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 any place you look right eventually developing a knowledge base is definitely critical however all over 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 believe there’s now a bit more acknowledgment that payroll payments are definitely basic and technology is permitting us to sort of progress with that it likewise also to add to that payroll and finance need to work closer together um with varying Checking account Particulars varying banking requirements and setup processes is absolutely essential that payroll and financing groups work closer together than ever um I’m constantly impressed when people say I have actually divided payroll and payment um if you walk down the street and asked anyone 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 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 information collection all the way through to paying individuals wherever they are however likewise paying statutory authorities and on statutory 3rd parties so with the
world we reside in and well-being being increasingly more crucial to add to type of the level of intricacy there’s increasingly more benefits being organ or being provided by services throughout the world so again you’re simply aiming to add increasingly more payments to this already complex landscape so if you kind of got any experience well I’m from your large experience here and I make certain however have you got any experience in kind of real difficulties or genuine challenging type of pay utilizes to play to pay individuals I believe yeah I suggest over the last well yeah a number of years I would certainly state that the bigger 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 groups feeding information into the next function as it were that’s in fact managing the payment side of things but you understand in in my viewpoint and my experience that does not always require to be the case you know long gone are the times where we need to produce additional handoffs while doing sos that we run in they simply make them more prompt they make them less efficient and they do not make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason that we are still making this as difficult as it requires to be agreed and appropriately as you stated payroll is the single greatest liability that any organization has from a cost perspective from an impact perspective on workers it is definitely critical that it’s done correctly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the greatest detrimental effect on individuals’s wellness and lots of other factors if people aren’t paid uh I have actually always been astonished coming into this Market sort of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anybody on this type 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 staff members or not um but ultimately payroll is such a crucial cycle we all hear about it when it goes wrong everybody jumps up and down when it goes wrong however 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 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 Global Payments first payroll payment solution is a great initial step um providing an end-to-end payroll option for your workers worldwide once again I believe is another huge um process once again aligning and guaranteeing you have standardization Worldwide procedures all of those things are definitely essential to success success of organizations and decreasing the variety of tools platforms and savings account they require for their International 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 don’t anticipate 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 rather where they’re indicated to be um I don’t believe any of us are in fact doing that for for the thanks
anyway we know 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 easy as possible for everybody that’s associated with those processes and likewise so picture sorry I’m simply I was simply gon na say envision the amount of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about numerous thousands potentially Millions picture getting that lots of thank you notes um I mean it ‘d be interesting to see the number of Post-it notes you got but it would absolutely be an intriguing job attempting to clean all those up for sure oh definitely 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 attempt to look through them and really see what was going on and kind of try to return to everybody so proceeding appearance why do companies select to primary separate bank accounts there are Papaya Global Nominal Link Report services out there doing precisely this for particular nations and I have actually operated in a business or numerous services doing exactly that I can state it doesn’t always feel efficient and it does create more work I know we’re not purposely doing that we’re not developing additional work for anybody where we don’t need to and anyone that’s managing 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 amount that we are I believe lots of factors one is it’s the standard I think people have got so used to we need a new bank account we open an entity and appropriately so you require 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 standard the people have actually adopted and continue to do over years and years passed by to add to that people have looked at things like trust accounts and numerous other methods um to to kind of do it so I think there’s a range I believe this is a procedure that needs looking at it needs changing however ultimately people are extremely stuck with what they recognize
with right um change is a hard thing all of us don’t like change um so I believe it’s simply sort 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 certainly the benefits of having preserving multiple checking account however there’s a big quantity of complexity chooses establishing a checking account keeping it guaranteeing it can send International transfers ensuring it’s established with the best user accesses for specific individuals so the complexity is huge however I believe the truthful answer is modification um people haven’t been able to alter or haven’t had always the understanding to actually make that change into alternate Solutions besides opening a bank account I believe you have actually struck the nail on the head I think it is knowledge you know and there is an aspect of resistance to change but we have actually always done it that way is no real excuse for not looking at the the advantages and the possibilities of carrying on and moving into you understand what could practically be identified to be the next Century or so there is a lot to keep an eye on and this technique does pose numerous challenges um so Johnny could you tell us about those obstacles yeah naturally so there’s a variety right there is so
I just did you switched 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 are worthy of a corner office with a closer parking space since I mastered Global payroll and payments with Papaya payroll OS did you Papaya Global Nominal Link Report
I discover time and time again the workers often misclassified unknowingly they don’t comprehend the conditions of employment or contract and are informed by the customer why it’s most advantageous mainly to the customer why you should be used or participated in this style the worker might owe taxes and Social Security to the authorities the future pension and healthcare opportunities of the worker can be impacted and a number of times it can be years before this all falls out and by that time it’s far too late years have actually gone by they haven’t contributed to pensions And so on so it’s a huge impact that they never knew they were strolling into you could not agree with you more if you say the UK for example hmrc can go back as much as ten years um Kathy companies are taking out insurance against misclassification however normally premiums are just covering the expense of legal fees whilst the typical claim evaluated against employers corresponds to to 40 or half of the base salary of employee is there any point in getting 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 charge and interest for the most part I have not seen it a minimum of so uh the the other location that I do think if you managed to get the coverage what we are saying is is that if your compliance program is not up to stuff you could be denied protection on the basis of the truth that you were not in compliance with laws um in the UK