Managing payroll worldwide is a difficult task … Papaya Global Online Help…
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Over the last five or six years …Papaya Global Online Help… roles on the supplier side and likewise on the vendor side from a payroll perspective so really eagerly anticipating this conversation today um and yeah thank you quite for your time everyone all right thanks Johnny uh we’ll just provide everyone another couple of uh well one of the 30 seconds or so to join all of us 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 already simply 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 definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very very bleak and I wish 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 obstacle years of handling Global payroll why business maintain separate
Virtual payroll accounts are an option to standard savings account for handling payroll payments. This is especially useful for international organizations with dispersed and remote labor forces, as it streamlines the intricate procedure of cross-border payments. Instead of preserving different savings account for payroll in different nations, virtual accounts and digital wallets provide a more structured service. In this webinar, we will explore the advantages of using virtual payroll accounts and talk about why they are becoming a strategic property for payroll executives. We will likewise offer a wrap-up of the bottom lines covered and leave time for a Q&A session at the end.
Guaranteeing precise, effective, and prompt payroll payments is a complex difficulty for businesses operating globally. Join us for a webinar to explore the advantages and drawbacks of payroll wallets versus payroll checking account, learn how companies forecast payroll expenses to optimize working capital, and find how streamlining worldwide payroll payments can transform them from a challenging task into a tactical asset.
due to various guidelines, compliance requirements, information security issues, and banking rules. The sheer variety of employees and businesses adds 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.
Traditional payroll systems typically lead to manual procedures, information silos, and an absence of integration, causing inconsistencies and inefficiencies. Regardless of living in an era of technological advancements, payroll management has actually been sluggish to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar goals to offer insights and options to simplify and optimize worldwide payroll payments.
about it to provide you a concept of how far there still is to come according to Deloitte just 11 of businesses say they have Labor force data in real time that’s another number that provides me sleep deprived nights and rather frankly the more an organization spends on worldwide payroll the less of an image they see a lack of exposure likewise extends to payroll payments and failure to accurately track these payments can cause compliance accidents in the last mile of the deal nearly half of worldwide businesses have expressed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of mistakes are due to time reporting poor HCM information information entry errors poorly interacted hires and terminations in addition to absence management and system setups and after that when you round it all off and the information is delivered to the incorrect place the typical expense of a worldwide information breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the cash worldwide payroll and payments don’t run smoothly if they rely on the essential multiple processes 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 obstacles company face when they’re making payments to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not require to be included right and what does
it need 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 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 any place you look right ultimately developing a knowledge base is definitely critical however everywhere you look with payroll payment they are like super payments no if however 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 think there’s now a bit more acknowledgment that payroll payments are definitely fundamental and technology is allowing us to sort of move on with that it likewise as well to contribute to that payroll and finance need to work closer together um with varying Savings account Particulars differing banking requirements and setup procedures is absolutely crucial that payroll and financing teams work more detailed together than ever um I’m always amazed when people state I’ve divided payroll and payment um if you walk down the street and asked anybody what is payroll who doesn’t operate in the payroll profession would they divide 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 ultimately it’s payroll is an end-to-end procedure it’s the point of information collection all the way through to paying people 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 complexity there’s more and more advantages being organ or being offered by services throughout the world so once again you’re simply seeking to add a growing number of payments to this currently intricate landscape so if you sort of got any experience well I’m from your vast experience here and I make certain but have you got any experience in kind of genuine challenges or real difficult kind of pay utilizes to play to pay people I think yeah I suggest over the last well yeah a couple of decades I would definitely state that the bigger a business gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things however you know in in my viewpoint and my experience that doesn’t always require to be the case you understand long gone are the times where we need to develop extra handoffs in the processes 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 operating in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you said payroll is the single greatest liability that any business has from an expense perspective from an effect viewpoint on staff members it is absolutely critical that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments have to be done right it has the most significant detrimental effect on individuals’s well-being and lots of other elements if people aren’t paid uh I’ve constantly been astonished entering this Market sort of the last 5 to 10 years is how little thanks the
payroll group get um so I’m unsure anybody on this kind 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 employees or not um however eventually payroll is such an essential cycle we all find out about it when it fails everyone 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 deem well um so yeah it’s also like why WI-Fi Global why all of this stuff is definitely important that all of this things is done properly so leveraging the very first Global Payments first payroll payment service is a terrific primary step um providing an end-to-end payroll option for your employees worldwide again I believe is another substantial um procedure again lining up and guaranteeing you have standardization Global procedures all of those things are definitely key to success success of organizations and reducing the number 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 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 expect to you do get the odd five or 10 or whatever it might be with the with the the grievances where things have not gone rather where they’re indicated 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 associated with those processes and likewise so picture sorry I’m just I was simply gon na say imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I make sure we’re discussing numerous thousands possibly Millions imagine getting that many thank you notes um I imply it ‘d be interesting to see the number of Post-it notes you got however it would absolutely be an interesting task attempting to clean up 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 browse them and actually see what was going on and sort of shot to return to everybody so proceeding appearance why do companies select to primary separate checking account there are Papaya Global Online Help companies out there doing exactly this for particular nations and I’ve operated in a company or lots of services doing precisely that I can state it doesn’t constantly feel efficient and it does develop more work I know we’re not intentionally doing that we’re not producing extra 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 believe lots of reasons one is it’s the requirement I believe individuals have got so used to we require a new savings account we open an entity and appropriately so you need it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s just been the standard and the standard the people have adopted and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other ways um to to sort of do it so I think there’s a variety I think this is a process that requires looking at it needs altering but ultimately people are very stuck to what they recognize
with ideal um modification is a hard thing all of us don’t like change um so I think it’s just sort of moving away from the norm as we’ve said so yeah so it keeps a great deal of track of things um I comprehend obviously the advantages of having keeping numerous bank accounts but there’s a huge amount of intricacy goes with setting up a bank account maintaining it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific individuals so the intricacy is substantial but I believe the sincere response is change um people have not had the ability to change or haven’t had necessarily the understanding to truly 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 understand and there is a component of resistance to alter but we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you understand what could almost be identified to be the next Century or so there is a lot to track and this technique does present several obstacles um so Johnny could you tell us about those difficulties yeah naturally so there’s a range right there is so
I just recently made a change to our Enterprise system by transitioning to OS. As a result, we can now manage our payroll and payment jobs on one platform. It seems like our CFO has actually gained another CFO, and with this improved ability, I have actually successfully secured payments for our 10,000 workers worldwide. Your commitment to mastering global payroll and payments utilizing Papaya payroll OS is good. You are worthy of a corner office with a parking space that is closer, considering your accomplishments. Papaya Global Online Help
I find time and time again the workers frequently misclassified unconsciously they do not understand the conditions of work or agreement and are told by the customer why it’s optimum generally to the customer why you must be used or participated in this style the worker may owe taxes and Social Security to the authorities the future pension and healthcare benefits of the worker can be affected and numerous times it can be years before this all falls out and by that time it’s too late years have actually gone by they have not contributed to pensions And so on so it’s a big impact that they never understood they were strolling into you could not agree with you more if you say the UK for instance hmrc can return as much as ten years um Kathy business are getting insurance against misclassification but usually premiums are only covering the expense of legal costs whilst the average claim evaluated against companies equates to to 40 or 50 percent of the base pay of worker exists any point in taking out insurance coverage and what is the alternative yeah to your point um you do require 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 think if you managed to get the coverage what we are stating is is that if your compliance program is not up to pack you could be denied coverage on the basis of the truth that you were not in compliance with laws um in the UK